What the form is
The CY 00 12, titled "Media And Information Security Protection Cyber Policy," was an insurance policy form developed by ISO. Its primary purpose was to provide coverage for businesses against risks associated with media liability and information security breaches. One notable characteristic, as indicated by some industry resources, was that it offered media liability coverage on an "occurrence" basis, which contrasts with "claims-made" coverage often found in such policies (like its counterpart, CY 00 13). This form was part of ISO's cyber insurance offerings before a significant program revision.
Effective November 1, 2021, the CY 00 12 form was withdrawn. Its coverages were not eliminated but rather incorporated into a newer, more streamlined form, the Information Security Protection (ISP) Cyber Policy CY 00 03 11 21. This consolidation was part of ISO's broader effort to update and simplify its commercial cyber insurance products.
Classes of business it applies to
Given its title and focus on media liability and information security, the CY 00 12 form was designed for businesses with significant exposures in these areas. Examples of such businesses include:
- Publishers (books, magazines, online content)
- Broadcasters (radio, television)
- Online media companies and content creators
- Advertising agencies and public relations firms
- Any business that disseminates information to the public and manages sensitive personal or corporate data.
The types of risks covered would typically involve claims arising from defamation, libel, slander, copyright infringement, invasion of privacy, and data breaches. The successor form, CY 00 03, is designed for medium to large commercial enterprises, governmental entities, and financial institutions, indicating the broad spectrum of entities that could have utilized the coverages previously found in CY 00 12.
Special considerations
The most critical consideration regarding CY 00 12 is its withdrawn status. Insurance professionals should be aware that this form is no longer actively issued for new policies or renewals. Key points include:
- Transition to CY 00 03 11 21: Coverages previously offered under CY 00 12 are now integrated into the CY 00 03 11 21 form. Understanding this transition is vital for historical policy interpretation and ensuring coverage continuity for clients who were previously on CY 00 12.
- Occurrence vs. Claims-Made: If CY 00 12 indeed provided media liability on an occurrence basis, this would have been a significant feature. An occurrence policy covers incidents that happen during the policy period, regardless of when the claim is reported (subject to statutes of limitations). This differs from a claims-made policy, where the claim must be made and reported during the policy period or an extended reporting period.
- Historical Context: While withdrawn, understanding the provisions of CY 00 12 can be important for managing claims that may arise from policy periods when the form was active.
Key information for agents and underwriters
As CY 00 12 is withdrawn, the focus shifts from active underwriting to historical understanding and managing transitions:
- Policy Review: For any existing clients who previously had a CY 00 12 policy, agents should have ensured a smooth transition to CY 00 03 11 21 or an equivalent policy, clearly explaining any changes in coverage, terms, or conditions.
- Coverage Mapping: Underwriters and agents dealing with the transition would need to map the coverages from CY 00 12 to the new CY 00 03 to identify any potential gaps or enhancements. The Web Site Publishing Liability Insuring Agreement, for example, was incorporated and broadened within the Media Liability Insuring Agreement of the new forms.
- Risk Assessment (Historical): When CY 00 12 was active, underwriters would have assessed risks related to the insured's media activities (content review processes, intellectual property clearance) and information security practices (data protection measures, network security).
- Understanding Program Changes: ISO's 2021 revisions to its cyber program were substantial, aiming for easier-to-read forms and enhanced coverages. Familiarity with these overarching changes is crucial for professionals advising clients on cyber insurance.