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Transcript of Insurance Community University Website Review - The Five Key Areas You Must Review On A Client’s...
Insurance Community University
Website Review - The Five Key Areas You Must Review On A
Client’s Website
Presented By:Marjorie L. Segale, AFIS, CISC, CIC,
CRIS, RPLU, ACSR, CISRDirector of Education
Insurance Community Center
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Insurance Community University
DisclaimerInsurance forms and endorsements vary based on insurance company;
changes in edition dates; regulations; court decisions; and state jurisdiction. This instructional materials provided by Insight is intended as a general guideline and any interpretations provided by Insight do not modify or revise insurance policy language. The authors of these
materials, Insight Insurance Consultants is a division of Insight Consulting and Management Inc. In providing these materials, Insight assumes neither liability nor responsibility to any person or business
with respect to any loss that is alleged to be caused directly or indirectly as a result of the instructional materials provided. Copyright
2010 - 2011All Rights Reserved
Laurie: 714.803.5830 [email protected] Marjorie: 714.206.9583 [email protected]
www.theinsurancecommunity.com
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Insurance Community University
What This Class Will Cover
1. Web site used for promotion only or includes sales on-line
2. Company profile – background information3. Products and services, locations and
territories4. Employees: permanent and temporary
locations, out of state, out of country5. Dependency on other websites – frames and
links
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Insurance Community University
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First – Some Background Information
Insurance Community University
The Evolution of E-Business
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Insurance Community University
E-Business
• “E-Business” covers any form of business, or administrative transaction, or information exchange, between a company and the outside world, that is executed using any information and communication technology
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Insurance Community University
Types of E-Business
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Insurance Community University
Types of E-Business
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Insurance Community University
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Website Definitions
Insurance Community University
Definitions
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Insurance Community University
Definitions
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Insurance Community University
E-Business Risk
• Global risk and suits increasing• Customers need proper protection– First party losses• Theft / destruction of data
– Third party losses• Defense costs• Financial loss• Regulatory fines and penalties• Customer credit monitoring services
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Insurance Community University
E-Business Risk
• Many federal and state statutes and defining regulations have been issued over the last 15 years– Court interpretations of compliance
continue unabated
• Insureds selling products or services over the internet must comply with international regulations
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Insurance Community University
Website Review
Identification of Risk
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Insurance Community University
Discover Your Client
• Search insured’s address– This is helpful to identify related
businesses, customers, clients, contracts
• Search for key personnel– Identify involvement in other companies– This is helpful for cross-selling if any of the
insured’s executives or board members are involved in other companies.
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Insurance Community University
Discover Your Client
• Look at their website to identify exposures
• Advertising only– Insured’s operations only– Others • Banners• Links• Frames
Insurance Community University
Discover Your Client
• Products or services sold– Limited sales territory by state, country, zip code– Unlimited territory
• Foreign risk
• Warranties or representations• Bulletin board / chat room / blog– Privacy, libel, slander
• Encryption use• Privacy statement
Insurance Community University
Discover Your Client
• Description of operations, products, services
• Contact page– Cross reference to locations
• About us– Use this as the narrative for account
submission to underwriter
• In the News– Review for company announcements
Insurance Community University
Sample Websites
www.thehagermangroup.comwww.masilva.com
www.maryspizzashack.com
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Identify Risk and Provide Proper Solutions
“Normal Insurance”Cyber Coverage
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Property, Business Income, Crime
Insurance Community University
Property Policies
• Require damage to tangible property• Data is NOT tangible• No trigger for direct loss or resultant BI /
EE for damage to data• Perils are inadequate– Virus– Programming errors– Unauthorized use / repudiation of access
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Business Income / Extra Expense
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Insurance Community University
Crime
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Insurance Community University
Crime Policies
• Require damage to tangible property• Data is NOT tangible• No coverage for resultant BI / EE• Coverage is first party – not third party• Perils are inadequate– Virus– Programming errors– Unauthorized use / repudiation of access
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Insurance Community University
CGL Policies
• Federal regulations fines and penalties– Not covered
• Invasion of privacy, defamation, libel– Covered but territory is limited
• Breach of security or unintentional release of confidential information– Not covered
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Insurance Community University
CGL Coverage Territory• E-Commerce – Allows coverage for worldwide offenses• “Suit” must be brought within U.S.A., its
territories and possessions or Canada
– “Personal and advertising injury” offenses that take place through the Internet or similar electronic means of communication
Insurance Community University
CGL Policies
• Advertising injury– ONLY copyright and trade dress covered– Must arise out of advertisement of
insured’s business (not others)– Trade mark, service mark, patent NOT
covered
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Intellectual Property Exposures and Advertising
Trademarks / Service MarksTrade DressCopyright
Patent
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Trademarks / Service Marks
• Brand names – can be registered through USPTO– www.uspto.gov
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Other Types Of Marks
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Trade Dress
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Insurance Community University
Copyright
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Insurance Community University
Patents
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Insurance Community University
Types of Patents
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Insurance Community University
Types of Patents
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Insurance Community University
International Exposure
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Insurance Community University
Internet IP Issues
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Insurance Community University
Internet IP Issues
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Insurance Community University
Internet IP Issues
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Insurance Community University
Advertising Exposures
• The insured’s business• Linking / framing to other businesses• Advertising for others– Non-revenue– Revenue
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Insurance Community University
Advertising Exposures
• Third party suits– Advertising own business– Linking, framing, advertising another
business
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Meta Tags
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Insurance Community University
Meta Tags Exposure
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Privacy of Data
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Insurance Community University
Privacy of Data
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Coverage Solutions
Insurance Community University
Property Solutions
• EDP– Include direct loss, BI and EE– Check for virus coverage
• Cyber specialty forms– Direct AND indirect loss coverage• Destruction of data• Virus extraction• Denial of Services• Coverage for terrorism
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Insurance Community University
Business Income Solutions
• Cyber Property loss of business income and Extra Expense– Illegitimate use– Denial of service – server overload– Virus– Standard Causes of Loss• On-site• Dependency
Insurance Community University
Business Income Solutions
• Contingent Business Interruption– A contingent business interruption loss
results from the failure of suppliers' or customers' systems (rather than the insured's systems)
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Insurance Community University
Crime Solutions
• Specialty coverage under Cyber-forms– Typically includes unauthorized access,
alteration, copying, and unauthorized use of data
– Loss of trade secrets
• Computer Fraud coverage (standard coverage form)
• Website Extortion (standard coverage form)
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Insurance Community University
Liability Solutions
• Cyberliability coverage– Intended to “fill in” for coverage gaps in
standard liability forms– Check defined perils– Every policy is different• Majority of policies do NOT include coverage
for patent suits– Intellectual Property coverage – separate policy
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Insurance Community University
Liability Solutions
– Infringement of copyright, trademark, service mark, trade dress
– Invasion of privacy– Loss of trade secrets– Damage to third party’s system or data• Transmittal of malicious code
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Insurance Community University
E-Business Client Review
• Does the website provide– Advertising only – Products / services purchase online
• Do you have a company blog?• What is your privacy policy?
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Insurance Community University
E-Business Client Review
• Do you maintain important or confidential information (employees, customers) electronically?
• What would happen if your system was hit with a virus?
• Do you know the financial cost of replacing that data?
• Do you use a computer network to operate your company?
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Insurance Community University
E-Business Client Review
• Do you communicate via the internet with your clients? – What would the cost be if an employee
transmitted a computer virus to your customers?
• Are you vulnerable to a cyber extortion threat?
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Insurance Community University
E-Business Client Review
• Do you use copyrighted material belonging to others in your advertising, on your web site?
• Does your web site link to other web sites?
• Do you use laptops/PDA’s in your business? – Is there personal information stored on
those laptops/PDA’s
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Submission Information
• Determine client’s risk category– Web presence only– E-business– Technology
• Obtain application and provide to insured to complete– Warranty– Representation
• Other information for submission– Security questionnaire
Insurance Community University
Some Insurance Markets
• Hiscox• Chartis• ACE• CNA• Chubb• The Hartford• Travelers• Media Professionals
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Insurance Community University
Summary
• Do a website review because you :– Can find out additional information about
your client– Have an opportunity to discuss additional
risk and sell additional coverages– Can possibly forestall a negative view of the
account from the underwriter
Insurance Community University
Summary
• Check your insurance markets FIRST– Understand what is available
• Identify insured’s specific risks– Match with best available coverage form
• Present and explain– If rejected – obtain signature from your
customer
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