What it does
CY 20 05 changes how business income and extra expense loss from a cyber interruption is valued under the ISO cyber policies, using an agreed value as the endorsement describes rather than proving the actual loss sustained in full.
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
- Useful for businesses whose revenue is hard to reconstruct after an outage.
- Confirm how the agreed value is set and when it must be updated.
- Combine with the waiting-period endorsement (CY 20 36) to shape the business income coverage.
