What it does
CY 20 36 changes the waiting period that serves as the retention for the Business Income and Extra Expense insuring agreement of the Information Security Protection Cyber Policy (CY 00 03), in place of a dollar retention.
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 how long systems must be down before business income coverage starts.
- A shorter waiting period costs more but matters for businesses that lose revenue within hours of an outage.
