Lawcovernotes December 2017

FAQs - thewho, what andhow of your cyber riskpolicy Is my practice at risk of cyber attack? Yes. Potentially every law practice using an internet connection and/or common commercial software is at risk. The Australian offices of a global firm were affected this year by the NotPetya cyber attack. Is the Barbican Insurance cyber risk policy available to my law practice? The Barbican Insurance group cyber risk policy (Barbican cyber policy) is automatically available to all law practices currently holding a Lawcover professional indemnity insurance policy (Lawcover PII policy) as at 1 January 2018.* What period is my law practice covered by the Barbican cyber policy? From 1 January 2018 to 30 June 2019 as long as your law practice remains insured with Lawcover. Before 30 June 2019 and in each following year, the Lawcover Board will consider extending the Barbican cyber policy for an additional twelve months. We will provide notification to law practices if this occurs. Do I need to pay for the Barbican cyber policy or complete any forms to be eligible? The Barbican cyber policy will be available to all law practices insured by Lawcover from 1 January 2018 and at no cost. From that date, the foundational cover of $50,000 will be available to all law practices currently holding a Lawcover PII policy and without the need to complete additional paperwork. Can I obtain a Certificate of Currency confirming the cover provided by the Barbican cyber policy? Yes, if you require a Certificate of Currency for the Barbican cyber policy, please contact Insurance Services on 1800 650 748. What is covered?* ^ ^ Crisis management costs and customer notification expenses ^ ^ Electronic business interruption and increased cost of working ^ ^ Cyber liability to third parties (to the extent not covered under other relevant policies) ^ ^ Privacy regulatory defence and penalties ^ ^ Cyber extortion payments consented to by the insurer. What excess is payable? The table below shows the applicable excesses your law practice will need to pay should you make a claim on the Barbican cyber policy. 4. Last Complete Year Fee Income Excess Minimum Maximum $0 $100,000 $1,000 $100,001 $1,500,000 $1,500 $1,500,001 $4,000,000 $2,500 $4,000,001 $7,500,000 $5,000 $7,500,001 $20,000,000 $7,500 $20,000,001 $40,000,000 $10,000 $40,000,001 $60,000,000 $17,500 $60,000,001 $100,000,000 $25,000 Q Q Q Q Q Q Q *See full Terms & Conditions of the policy here .