10/22/2020 – In the event of difficulties, companies usually no longer have the money to pay the necessary and sometimes legally required specialists. Hendrix and Roland have created a new pension plan here. Beazley also covers part of this risk. Hiscox has expanded its target group concept in Cyber and Hans John Versicherungsmakler and SdV are offering new things for intermediaries.
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The “Hiscox CyberClear” cyber insurance solution has been expanded to include special concepts for retail, construction and manufacturers. In addition to online retailers, the target group from the first-mentioned area is also explicitly physical stores with a net turnover of up to 25 million euros, which increasingly handle their invoicing and bookkeeping digitally.
Training instead of a full deductible
The coverage relates to internal cyber damage, liability and business interruption. In the case of the latter, the extended policy includes other relevant causes of loss of earnings as standard. Examples of this are shutdowns in the event of restoration, by order of a data protection authority or after attacks on the company’s own website, as well as operational interruptions between insured companies.
This protection can be extended to include partial or complete business interruptions due to a cloud failure or technical problems. The Hiscox SA, branch for Germany has narrowed the exclusions in the event of intent and illegal behavior within the company as well as external influences such as war, failure of public infrastructure and government measures.
In addition, prevention and assistance services have been included in the terms and conditions. This particularly includes access to a customizable cyber crisis plan or access to the extensive content of the Hiscox Business Academy. When using cyber security training for employees, the deductible can be reduced by 25 percent in the event of a claim.
Financing of fees in the event of difficulties
The Hendrix GmbH offers companies a pension coverage for the financing of consulting needs in an existence-threatening economic situation. The risk taker is Roland Legal Protection Insurance AG. The protection is a supplement to the company policy.
The insured event occurs when an auditing company detects the impending insolvency § 18 InsO notices. The insurer then provides cover for all necessary consulting costs up to the conclusion of the (preliminary) self-administration or the protective shield proceedings. The coverage is a maximum of one third of the total sum insured up to a maximum of one million euros for a sole proprietorship.
If the advice is successful and the company’s solvency can be restored, the company is obliged to repay 50 percent of the insurance benefit to Roland from liquid funds. In order to avoid special-purpose contracts, a waiting period of nine months applies to claiming the insurance.
For private equity firms and investment managers
The Beazley Solutions International Ltd, German Branch has “tailor-made” global insurance coverage for private equity companies and investment managers. This includes D&O, E&O and extended defense costs coverage. Special regulatory examinations, reputational damage and manager downtime costs are insured.
There is a common coverage for D&O and E&O insurance claims. The specialty insurer, which manages six Lloyd’s syndicates, offers, among other things, automatic replenishment of the insured amount without additional premium and a premium-free late registration period of seven years in the D&O.
In addition, insurance cover is granted for claims in the course of bankruptcies or difficulties (Section 64 GmbHG, § 93 III Ziffer 6 i. V. m. § 92 II AktG). There is an additional and free of charge AIFM– replenishment.
Cyber damage to intermediaries
Cyber insurance protection for intermediaries of Hans John Insurance Broker GmbH covers internal and third-party cyber damage as well as damage caused by business interruption and loss of reputation. The risk taker is Ergo group. The service provider for cyber is AG thinking Dataprotect.
The insurer will reimburse the cost of restoring data up to 24 hours after the incident in question. There is insurance cover in the event of a precautionary system shutdown in the event of a claim and in the event of illegal collection of personal data. There is additional liability for damage reported within 90 days.
In addition to the innovation and betterment clause, the oversight and recognition clauses apply. In this way, accidentally omitted notifications and unfulfilled contractual obligations can be made up for ten days after recognition without affecting the insurer’s obligation to provide benefits.
With the last clause, the insurer acknowledges, with the exception of cases of fraudulent concealment, that it was aware of all significant risk circumstances in good time.
Long-term liability protection for intermediaries
The Protection Association of German Brokers of Insurance and Other Financial Services eV (SdV) indicates a shortfall in coverage from claims for damages due to incorrect advice from intermediaries. The limitation period can be up to 30 years.
The possible gap affects insurance intermediaries who have taken out property damage liability insurance (VSH) after 2007 but were already active. The SdV offers its members the reverse insurance in the VSH tariffs “select” and “secure” for multi-year contracts. If you take out 2020, protection is free.
Further features are the guaranteed contribution stability after a claim, the veto right of the SdV in the event of termination by the insurer and the free first rights advice for every potential claim.
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