What it does
CY 20 31 adds a retroactive date to the first-party insuring agreements, which otherwise use a discovery trigger. Incidents that began before the retroactive date are then not covered even if discovered during the policy period.
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
- Point it out: a breach that started years ago but is discovered now may be excluded.
- Ask the underwriter for the earliest possible date, ideally the client's first cyber policy inception.
- Liability insuring agreements already use a retroactive date.
