What it does
CY 10 03 adds a nonbinding arbitration condition to the ISO cyber policies (11 21 edition, filed with the 2020 cyber forms revision). Disputes covered by the endorsement go to arbitration first, but either party keeps its other remedies after the award. A binding version is CY 10 04, and several states use their own arbitration endorsements (for example Kentucky, Iowa, Nebraska, Massachusetts and the District of Columbia).
Program context
In ISO's 2020 cyber multistate program revision, Verisk introduced a new Commercial Cyber Insurance Policy form and a new Information Security Protection Cyber Policy form that replaced all prior base coverage forms of the ISO Cyber program, together with new manual rules, loss costs and rating plan. The new forms carry the 11 21 edition (CY 00 02 11 21 and CY 00 03 11 21).
Quoting and selling notes
- Explain that the award is not final under this version.
- Compare with CY 10 04 if the carrier offers binding arbitration.
- Check state-specific arbitration endorsements on the forms schedule.
