1. Forms
2. CY
3. CY-10-01

What the form is

The CY 10 01 Policy Changes endorsement is an Insurance Services Office (ISO) form used to make miscellaneous textual changes to a Commercial Cyber Insurance Policy. It serves as a standard way to document alterations to the policy language that are not covered by other specific endorsements. This form ensures that any modifications are formally recorded and become part of the insurance contract.

Classes of business it applies to

This endorsement can be used for any class of business that has an ISO Commercial Cyber Insurance Policy. Cyber insurance is increasingly relevant across a wide array of industries, including but not limited to:

• Healthcare (e.g., hospitals, clinics dealing with patient data)
• Financial Services (e.g., banks, credit unions, investment firms handling sensitive financial information)
• Retail and E-commerce (e.g., businesses processing online payments and storing customer data)
• Technology Companies (e.g., software developers, IT service providers)
• Professional Services (e.g., law firms, accounting firms holding client confidential information)
• Manufacturing (e.g., companies reliant on industrial control systems and proprietary designs)

Essentially, any organization that collects, stores, or transmits sensitive electronic data and has an ISO cyber policy may utilize this endorsement to make necessary policy adjustments.

Special considerations

Several important points to consider when using the CY 10 01 endorsement:

• Specificity of Changes: All changes made using this endorsement should be clearly and unambiguously described in the schedule section of the form. Vague language can lead to disputes at the time of a claim.
• Edition Dates and State Applicability: Different edition dates of this form exist (e.g., 01 18, 11 21). The applicability of a specific edition can vary by state. For instance, the CY 10 01 01 18 edition was noted as withdrawn in most states except for CA, VA, and VI, while the CY 10 01 11 21 edition is listed for a broader range of states. It's crucial to use the correct, approved version for the relevant jurisdiction.
• Not a Substitute for Specific Endorsements: While versatile, the CY 10 01 should not be used if a more specific endorsement addressing the intended change is available. Using the most appropriate form ensures clarity and proper application of policy terms.
• Agreement: Any change made via this endorsement must be agreed upon by both the insurer and the named insured.

For example, if a business wants to clarify the definition of a term not specifically addressed elsewhere or make a minor administrative change to a policy section, the CY 10 01 could be appropriate. However, if the change involves adding a new coverage or significantly altering an existing one, a more specific coverage endorsement would likely be required.

Key information for agents and underwriters

For Agents:

• Ensure that any modifications requested by the insured are accurately and completely captured on the CY 10 01.
• Clearly explain the implications of the changes to the insured.
• Verify the correct edition date of the form is used for the specific state and policy period.
• Maintain thorough documentation of why the changes were made and the mutual agreement.

For Underwriters:

• Carefully review any proposed changes on the CY 10 01 to assess their impact on the risk profile and potential exposure.
• Ensure the changes do not inadvertently create coverage ambiguities or conflict with other policy provisions or existing endorsements.
• Price any modifications appropriately if they materially alter the risk.
• Confirm that the changes comply with all applicable state regulations and company underwriting guidelines.

The CY 10 01 is a flexible tool, but its use requires careful attention to detail to ensure the cyber policy accurately reflects the intended coverage and protects both the insured and the insurer.