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Information Security Protection Policy (ISO)

Declarations Commentary

Sample Declarations

Web Site Address(es): This information is provided in the Declarations for information purposes only. Coverage is not limited in the policy to a particular site. Under the insuring agreement for Web Site Publishing Liability, the definition of "wrongful act" refers simply to the insured's web site.

Retroactive Date: The first three insuring agreements provide third-party liability coverage on a claims-made basis. The wrongful act must have been committed after the retroactive date shown in the Declarations. See technical report "Claims Made Policy Forms" for more information.

Policy Aggregate Limit of Insurance: Each insuring agreement is subject to a separate limit (see below), and all loss during the policy period is subject to the annual aggregate limit shown here. There is no premium consideration for the Policy Aggregate Limit of Insurance, so it should be set as high as the insurance company rules permit. 

Insuring Agreements, Aggregate Limits of Insurance and Deductibles: Each insuring agreement is subject to a separate limit shown here, and all loss during the policy period is subject to the annual aggregate limit (see above). Insuring Agreement 2.b. (Regulatory Proceedings) is subject to a sublimit, which is part of the aggregate limit for Insuring Agreement 2 (Security Breach Liability). 

The basis used to determine the premium charge for Insuring Agreements 1, 2 and 3 is the total revenue from all operations of the insured. The basic limit in the ISO Commercial Lines Manual is $500,000 for each of these liability insuring agreements. Increased limits are available for additional premium. The basic deductible for these agreements is $5,000 with lower or higher deductible amounts available for a premium consideration. The deductible applies to defense costs as well as the amount paid for settlements or judgments.

The basis for Insuring Agreements 4, 5, 6, 7 and 8 is a charge per $1,000 of coverage. The basic deductible is $5,000 with lower or higher deductible amounts available for a premium consideration.

Insuring Agreement 6 (Business Income and Extra Expense) also requires a "waiting period" deductible expressed in hours.