But there may be cases applying applicable law in similar circumstances that can be useful. Thus, policyholders must determine whether any court has interpreted the particular related claims provision at issue under the applicable law, and then whether there are any cases involving that language from that jurisdiction (or others) that are close enough factually that arguments for or against relating claims can be made by analogy. To Relate or Not to Relate? Policyholders often face significant financial consequences depending on whether claims are related. As noted, the number of claims may affect the number of deductibles that the policyholder must pay, the limits available to the insured, and whether it even will have coverage. For example, if claims are related, and the first such claim was made in a year where policy terms were not favorable, or the coverage has been exhausted by other claims, the policyholder would end up with little or no coverage. Conversely, if that earliest policy had the best terms and its limits were intact, but later policies contained more narrow terms, it would be advantageous for a policyholder to argue that the claims were related. Building a Case for Coverage Once the policyholder decides to argue that claims are related, or not related, how should it go about winning the case? In any coverage dispute, one important issue is whether the insurance policy language is clear. If the policy language is ambiguous, that favors the policyholder, and the court would interpret the language to favor coverage under the facts of the particular case. Thus, its important to know whether, under applicable law, courts find the policy provision clear or cloudy.
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If clients use approved service providers and services, they can report it to The Hartfords underwriters, who will factor the risk controls into calculations of the insurance premium. These are vendors we trust to help our clients get better at managing cyber risk, Marlin said. If they are strengthening their security, it feeds directly into our underwriting process and results in a premium incentive. By connecting the use of risk control services to insurance cost savings, The Hartford incentivizes clients to implement best practices in cyber risk mitigation and reduce their exposure to loss. An insurance policy should help you get better. Not just on the front end before theres a claim, but after a claim as well. Tim Marlin, head of cyber underwriting, Hartford Financial Products From Coverage to Breach Response Carriers can also work more closely with brokers and insureds to help them determine what the most appropriate coverage is for their particular business. An organizations size and function both influence what type of coverage is required. Small and mid-sized companies with limited resources, for example, may be less inclined to purchase a mono-line cyber product than to embed coverage within a different policy, like General Liability or E&O where cyber coverage originated. When you think about the risk holistically, you can more thoughtfully plan what risk you will retain, mitigate or transfer. Part of thinking about the risk holistically also includes developing a robust cyber incident response plan, and thinking carefully about recovery and necessary improvements, Kang said. Beyond the traditional response services that are often included in cyber insurance policies and the claims process, policyholders should think about remediating the privacy or security issue that led to the claim. Thats why The Hartford offers a cyber security expense fund as an additional endorsement on its CyberChoice First ResponseSM product.
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