Insurers Went Too Far Cutting Out Cyberrisks, Marsh Says
Law360, London (October 31, 2019, 6:22 PM GMT) -- Lloyd's of London insurers may have gone too far in treating so-called silent cyber insurance cover like a “cancer” as they follow a mandate to clarify ambiguous clauses in standard commercial property policies, insurance broker Marsh warned on Thursday.
Some insurers have been overzealous in stripping technology clauses from property policies after Lloyd’s told insurers in July to clarify clauses that could inadvertently cover damage from cyberattacks, according to Sarah Stephens, U.K. cyber practice leader at Marsh, the world’s largest insurance brokerage.
“There is a fundamental lack of understanding over cyber and technology risks in the traditional insurance market,” she said...
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