Panel Studies 'Silent' Cyber Clauses In Insurance Contracts
Law360, London (March 16, 2020, 4:08 PM GMT) -- Underwriters in the London insurance market have set up a committee to discuss best practice in addressing “silent” cyber clauses in contracts, amid growing regulator concern over the potential for greater-than-expected losses from claims.
The International Underwriting Association said on Monday the committee so far consists of more than 20 insurers working in the London market.
The committee will discuss industry efforts to tackle so-called nonaffirmative cyberinsurance cover, where a standard business policy can be interpreted to include losses arising from a cyberattack despite the insurer not intending for it to do so.
"A major cyber event could have widespread impact...
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