Side by side comparison: SafeLaw vs Cyber Risk Competitors

  SafeLaw Coverage
Cyber Risk Policies
General Policy Features Applicable to entire policy Structured exclusively for Law Firm exposures No SafeLaw coverage is designed for the business activities and cyber risks of law firms. Everything from sensitive client legal information to loss of billable hours associated with law firm cyber perils is contemplated.
Difference in Conditions Policy Structure No – but some insurers are moving to a difference in conditions structure in Q2-3 in 2016. SafeLaw coverage is dovetailed with the LPL policy to eliminate the gaps and coverage conflicts that usually exist. Where the LPL policy provides no coverage SafeLaw provides primary coverage. Where the LPL provides partial coverage, SafeLaw covers the uncovered portion of the claim and where deductible!
No Sub limits of coverage Yes – Sub limits do apply SafeLaw provides full limits of coverage that are available for any type of covered loss or expense.
Single Blanket Deductible No A single deductible applies to losses no matter how many coverage sections are triggered.
Broad definition of Insured drafted for law firms No – competitors policies use standard corporate definitions The SafeLaw definition of Insured avoids the typical limitations and includes company structures common to law firms.
Knowledge standards limited to a control group No The typical policy requirements imposed when a member of the company has knowledge of a cyber-incident is limited to when a member of a small control group has language also provides coverage for malicious acts of employees.
First-Party Property Coverage Features Applicable to electronic property, loss of income and crisis response coverage sections. Tailored coverage for some physical perils and accidental damage. No The covered perils include some types of physical damage resulting in data loss, which is not usually covered by property policies purchased by law firms. This approach helps eliminate potential gaps between policies.
Outsourced systems covered Possibly – A handful of competitors provide such coverage SafeLaw gives coverage for electronic property damage and loss of income are covered anywhere.
Coverage for billing system interruption and loss of billable hours No Many of the usual business income revenue recognition requirements that impair a law firm’s ability to recover business income losses don’t apply. The coverage is structured around a loss of billable hours when a loss occurs.
Expanded Crisis response services No SafeLaw covers crisis (breach) response covered includes remediation expenses associated with disclosures of any of your firm’s data (not just personally identifiable information). It goes far beyond the identity theft remediation coverage provided by other cyber risk policies.
Proof of loss expenses are covered Possibly – some competitors provide small sub limits of coverage and others provide none. The cost of proving a loss can be hundreds of thousands of dollars in some cases. SafeLaw provides coverage for proving a loss including technical forensics and forensic accounting and there are no sub limits.
No terrorism exclusion Most cyber risk policies have terrorism exclusions Many cyber attacks are classified as terrorist acts, so most polices impose significant on coverage by having a terrorism exclusion. SafeLaw has no terrorism Exclusion.
Third-Party Liability Coverage Applicable to electronic property, loss of income and crisis response coverage sections. D.I.C. Insuring Agreement No – but some insurers are moving to a difference in conditions structure in Q2-3 in 2016. Eliminate coverage gaps and overlaps that commonly exist between LPL and cyber risk policies.
Enterprise wide data coverage Possibly Coverage for all of the firm's confidential data (not just personally identifiable information) is included in SafeLaw.
Regulatory violations, fines and penalties coverage for all covered perils with no sub limits. No – Competing products cover privacy regulatory actions and usually have sub limits of coverage. Regulatory coverage expanded to include regulatory, disciplinary and administrative proceedings unique to the legal industry as well as the associated and fines and penalties.
Softened hammer clause No Consent to settle language is 50/50 in SafeLaw.
Vicarious liability coverage Possibly Coverage is included for breaches and disclosures of data wherever they happen, even by a service provider or at an outsourced location.
Physical theft of data and accidental disclosure coverage Possibly Coverage for data breaches includes physical and accidental perils such as loss of a laptop by an employee or theft of equipment.
No professional services exclusion Possibly SafeLaw policy provides protection for cyber losses even when they occur during the course of professional services
SEC, RICO, pollution, EPLI and other exclusions are carved back No Carves back coverage for firms that provide services to industries or in areas that may be impacted by such exclusions.