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Frequent Asked
Questions

  • What is the aggregate limit in an insurance policy ?
    An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time, usually one year.
  • What is deductible or retention in an insurance policy?
    An aggregate deductible is the total amount a policyholder would be required to pay on a claim during a set time, usually one year.
  • What's is effective date for an Insurance application ?
    The date an insurance policy becomes active.
  • What is additional insured ?
    Anyone other than the policyholder who is covered by the insurance policy.
  • What does it mean for the insurance coverage to be retroactive?
    It establishes the retroactive period prior to the effective date that the policy will cover. Normally applicable for liabilities that are discovered after the date you get insured.
  • What is waiting period in Insurance ?
    the time the insurance coverage kicks in. A 12 hours waiting period for example means the policy will only respond after 12 hours of the incident
  • What is it covered in a ransom or ransomware sublimit coverage in a cyber insurance policy ?
    It covers the reimbursement of the monetary value of any ransom payment made by the insured to a third party (Hacker) in response to a ransom demand to resolve an extortion threat
  • What is business income and extra expense submit in an Insurance policy ?
    It covers income losses incurred due to the interruption of your business, for example when related to a cyber attack.
  • What does it cover computer fraud sublimit in an insurance policy ?
    It covers the theft of money or securities that occurred through computer use.
  • What does it cover the social engineering sublimit in a cyber insurance policy ?
    It covers losses from social engineering fraud schemes, for example, the impersonation of a vendor, executive, or client.
  • What does it cover telecom fraud sublimit in a cyber insurance policy ?
    It covers losses related to a third party's unauthorized access to or use of an insured's telecom system.
  • What does it cover website media liability sublimit in a cyber insurance policy ?
    It covers losses and defense expenses from IP infringement, other than patent infringement, related to media content on the company website or its social media accounts only.
  • What does it cover post-breach cyber security improvements sublimit in a cyber insurance policy ?
    It covers labor costs incurred to resolve vulnerabilities or weaknesses in the insured's computer system that an independent security firm identifies after a cyber incident. Identified upgrades or improvements must reduce a future incident's probability or potential damage to qualify.
  • What does it cover hardware replacement sublimit in a cyber insurance policy ?
    It covers the cost to replace computers or any associated devices or equipment operated by the insured that cannot function as intended due to corruption or destruction of software or firmware resulting from a cyber incident.
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