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Old 04-25-2019, 08:55 PM   #1
frankbell
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Cyber Uninsured


The Sunday New York Times reports that insurance companies that offer insurance against cyber attacks are starting to look for ways to weasel out of paying claims by interpreting the term "cyberwar" literally and claiming the "war exclusion," which is intended to protect insurers from having to pay for damage resulting from acts of physical war.

Here's a bit from the story:

Quote:
Mondelez’s (a company that suffered a drastic and expensive cyberattack--FB) insurer, Zurich Insurance, said it would not be sending a reimbursement check. It cited a common, but rarely used, clause in insurance contracts: the “war exclusion,” which protects insurers from being saddled with costs related to damage from war.

Mondelez was deemed collateral damage in a cyberwar.

The 2017 attack was a watershed moment for the insurance industry. Since then, insurers have been applying the war exemption to avoid claims related to digital attacks. In addition to Mondelez, the pharmaceutical giant Merck said insurers had denied claims after the NotPetya attack hit its sales research, sales and manufacturing operations, causing nearly $700 million in damage.
In the case in question, the cyber-attack was related to Russia's offensive against the Ukraine, so military action was tangentially involved.

The insured are fighting back in court. I will be curious to see how this turns out.

Last edited by frankbell; 04-25-2019 at 08:58 PM.
 
Old 04-26-2019, 09:22 AM   #2
hazel
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Quote:
Originally Posted by frankbell View Post
The Sunday New York Times reports that insurance companies that offer insurance against cyber attacks are starting to look for ways to weasel out of paying claims.
All insurers do that. It doesn't matter what you are insuring against. A couple of years ago, my dog developed a tumour in his mouth (fortunately it turned out to be benign) and my pet insurance refused to pay up on the grounds that the policy didn't include "conditions of the teeth and gums". What that clause was intended to exclude of course was gum disease and rotten teeth in old dogs. It's a common exclusion and not unreasonable when taken in its proper sense (like the war clause). A possibly cancerous growth that just happens to be in the mouth is another matter entirely. When an indignant letter from my vet failed to shift them, I threatened them with the insurance ombudsman and they paid up meekly.
 
Old 04-26-2019, 09:51 AM   #3
cynwulf
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Insurance as an industry is a racket. There are always "get outs" and of course they employ legal professionals full time to pursue and exploit these. The average person on the street without a team of lawyers and who failed to read and/or understand the small print is nothing more than a cash cow.

At least Mondelez have the means and the finances to fight this through courts...
 
Old 04-26-2019, 12:02 PM   #4
jsbjsb001
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And if they do pay a claim, you're more of a "risk", therefore your premiums are likely to go up.

I wonder what their "get out clauses" are for Kim Kardashian's ass...
 
Old 04-26-2019, 12:47 PM   #5
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Quote:
Originally Posted by jsbjsb001 View Post
I wonder what their "get out clauses" are for Kim Kardashian's ass...
She has a donkey? Oh, of course, Kanye...
(Sorry, British Humour)
 
  


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