Every insurance policy has a defined set of inclusions and exclusions. Insurance companies provide detailed information about the coverages and the exclusions of the policy in the policy document and brochure. But, as a policyholder, it is also your responsibility to check these before finalizing on buying an insurance policy.
Like all other general insurance policies, cyber insurance plans also come with an outline, detailing the features, benefits, coverages, and exclusions offered by the policy.
With an increase in the number of users on the internet, the penetration of cyber insurance for individuals is also gradually increasing. It is recommended that you should purchase this insurance policy knowing not only the coverages but also the eventualities that will not be covered in the policy.
The exclusions in Cyber Liability Insurance policy
The insurance company will not cover you in case of a loss arising out of the following scenarios:
- Any dishonest or improper conduct - If you have been dishonest while filling up your proposal form or if you have deliberately kept some information from the insurance company while buying the policy, then your loss will not be assessed by the insurance company. Also if the losses are caused intentionally or due to any illegal activities, then your insurance company will not cover you for such a loss.
- Bodily injury or property damage - The cyber insurance policy does not cover any bodily injury, sickness, emotional distress, disease or death of a person. Also, the destruction of any property will not be covered under this policy.
- Unsolicited communication - The Cyber Safe Insurance policy excludes the risk associated with any sort of unasked for communication in any form like audio recording, videotaping, telephone marketing etc.
- Unauthorized Collection of data - If you are involved in any kind of collection of personal or client related data illegitimately, then the loss incurred due to same will not be covered by your cyber insurance policy.
- Immoral or obscene services - In the investigation, if it is discovered that the losses suffered by you have been because of any connection with racist, extremist, pornographic or any other immoral/obscene services, then your losses will not be include in cyber insurance coverage.
Some other exclusions in the Cyber Liability Insurance policy are:
- Contractual liability
- Cyber terrorism
- Trading in virtual currencies
- Natural perils
- Losses in connection with any religious or political activities
While it is important to know the coverages of your cyber safe insurance policy, it is equally imperative to have the knowledge about the exclusions in the policy. Having the complete information about your cyber insurance policy can help you avoid any inconvenience during the time of claim.