What can you tell me about Edmund?
What type of insurance does Edmund sell?
Does Edmund accept and bind the cover under the Policy?
Who is the Insurer on the Edmund Cyber Insurance Policy?
Munich Re syndicate at Lloyd’s
What sort of advice will I receive from Edmund?
Will Edmund charge me any fees additional to the premium?
With data breaches and hacking seemingly inevitable and the detrimental impact inescapable, cyber risk insurance is designed to help businesses mitigate risk exposures by offsetting costs involved with recovering from a cyber related breach or similar event. Cyber risk insurance can transfer some of that risk to the insurance market and enable the business to financially survive a cyber security event. Generally, Cyber risk insurance policies have two primary components:
When you follow the quote process you will view the Edmund Cyber Insurance Policy which fully details the cover including the exclusions and conditions. You will also view a Policy Smart Sheet which outlines the main features of the Policy. The Edmund Cyber Insurance Covers are listed below.
The insured will be indemnified solely with respect to a claim, breach or threat of extortion on or after the retroactive date and first discovered and reported to the insurer during the policy period or during any applicable extended reporting period.
Don’t most businesses have cover for losses due to cyber events in their Business Insurance, Public Liability or Professional Indemnity Insurance Policies?
Why would any business buy a Cyber Insurance Policy, especially if they haven’t had one previously?
What types of businesses need a Cyber Insurance Policy?
Aren’t the covers in a Cyber Insurance Policy the same as the warranty from an I.T. Service Provider?
Is it compulsory to buy a Cyber Insurance Policy?
This insurance is NOT a compulsory class of insurance. However;
How does Edmund provide a quote?
Will Edmund tell me if they are unable to provide me a quote?
What are the main factors that contribute to Edmund’s calculation of the premium?
What if I don’t answer the questions accurately or completely?
“Duty of Disclosure: Under the Insurance Contracts Act 1984 (Cth), before you enter into a contract of insurance you have a duty to tell the Insurer anything that you know, or could reasonably be expected to know may affect the Insurer’s decision to insure you and on what terms. You have this duty until the Insurer agrees to insure you. You have the same duty before you renew, extend, vary or reinstate an insurance contract.
The duty of disclosure applies to every person to be covered under the insurance.
You do not need to tell the Insurer anything:
Non-disclosure: If you do not tell the Insurer anything you are required to, the Insurer may cancel your contract or reduce the amount that will be paid if you make a claim, or both. If your failure to tell the Insurer is fraudulent, the Insurer may refuse to pay a claim and treat the contract as if it never existed.”
For how long is the quote estimate valid?
Can I select any policy start date (Inception Date) or does cover need to start immediately?
Can I select any policy Expiry Date or is it always set at 365 days after policy start date (Inception Date)?
This is a Discovery and claims made and notified Policy. Cover is only provided for:
This Policy does not provide cover in relation to:
However, under Section 40(3) of the Insurance Contracts Act 1984 (Cth), where the Insured gave written notice to the Insurer of facts that might give rise to a Claim against the Insured as soon as was reasonably practicable after the Insured became aware of those facts but during the Policy Period, the Insurer is not relieved of liability under the Policy in respect of the Claim, when made, by reason only that it was made after the expiration of the Policy Period.
It is also important to make proper and timely disclosure (see Duty of Disclosure) so that cover under any policy is not jeopardized due to non-disclosure.
The Policy may be limited by a Retroactive Date stated in the Policy Schedule. The Policy does not provide cover in relation to any matter arising under the Policy that occurs before the stated Retroactive Date. For example, the Retroactive Date may be stated as 1st January 2018 if the inception date of the Policy is 1st January 2019 i.e. not greater than 365 days before the policy inception date.
Limit of Liability means the limit of the Insurer’s liability for a particular Cover under this Policy and as specified in the Schedule. The Limit of Liability for each applicable Cover, any sub-limits of Liability, and Defense Costs are part of that amount and are not payable in addition to the Limit of Liability.
Costs can quickly add up! $1M or $2M seems a lot – but is it?!? Consider how many records could be lost in only one data breach. Consider possible claims against you, extra expenses, and generally how much financial loss your business could suffer in relation to each of the Cyber Insurance Policy Cover Sections:
During the online quote process, you will be guided through each step. If you do not accept the quote when you receive it, you will be able to click within your emailed quote estimate and re-enter online to retrieve and complete your quote. However, you must do this before the 30 day quote estimate validity period expires. You will also need to pay the total premium when you accept the quote.
We're pleased to provide you with two options to pay your premium.
Option 1 – Pay Annually
If you elect to pay annually, a single payment will be processed using a Debit or Credit card. You pay the Total Amount Payable at the time of purchase and get coverage for a full year.
Option 2 – Pay Monthly
Edmund has entered into an agreement with Macquarie Pacific Funding to allow you to pay a Monthly Premium using their direct debit facility. If you elect to pay using their monthly direct debit facility, Macquarie Pacific Funding will deduct the Monthly Premium from your nominated bank account. The Monthly Premium includes an Insurance instalment processing fee.
When you accept the quote, Edmund will send you confirmation of cover and a Policy including a Policy Schedule detailing your particulars and as quoted. This part is transacted online and by email without any undue delay.
Email us at [email protected] and request the change of details or change of cover that you require. We will respond (by email usually) without undue delay and advise you if we can accept the changes, and if so, of any additional premium. Upon receipt of payment, we will confirm that the changes have been effected and from what date.
How will Edmund provide me with a renewal notice?
When will I receive a renewal notice from Edmund?
Is any part of the renewal process automatic?
Our process is automated, but renewal of your Policy is not automatic.
When and how do I have to pay the Total Amount Payable?
What if I want the renewal process to run differently to Edmund’s standard process?
The Policy can be cancelled by the Insured with 30 days notice to the Insurer, and no refund will be provided regardless of the cancellation date.
Please read our Complaints Policy.