What should a business do immediately after a hacking incident to ensure insurance coverage?

After a hacking incident, businesses should notify their insurer as soon as possible. They should document the breach, engage cybersecurity experts, preserve forensic evidence, and follow any required reporting obligations. Failing to report incidents promptly or not following policy conditions may result in denied claims.

What happens if I miss a health insurance payment?

Missing a payment may lead to a grace period, after which coverage could lapse. Some insurers allow reinstatement, but late payments may result in policy cancellation or waiting periods for reactivation.

How does the loss ratio differ from the combined ratio?

The loss ratio only considers claims relative to premiums, while the combined ratio includes both the loss ratio and expense ratio to assess overall profitability.

Can I file multiple claims at the same time?

Yes, you can file multiple claims if you experience different incidents, but doing so may affect your insurance rates. Insurers assess risk based on claim history, and frequent claims can lead to higher premiums or policy non-renewal. Consider whether filing multiple claims is financially beneficial.

What is an "excess of loss" reinsurance contract?

An excess of loss contract is a type of reinsurance agreement where the reinsurer covers losses that exceed a certain amount, protecting the insurer from catastrophic or exceptionally large claims while the insurer retains smaller losses.

Can hull insurance cover war and piracy risks?

Standard policies exclude war and piracy, but separate war risk insurance or endorsements can be purchased for additional protection.

Can liability insurance cover legal expenses even if I’m not at fault?

Yes, your insurance policy may cover legal defense costs even if you are not found liable. It can help pay for attorney fees and court expenses, depending on the situation.

What is retrocession in reinsurance?

Retrocession is when a reinsurer transfers some of its assumed risks to another reinsurer, further spreading risk and ensuring financial stability in case of large-scale claims.