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The Board of Estimates for Baltimore, which sustained a major ransomware attack last year, approved renewal of its $20 million in cyber insurance coverage Wednesday with Chubb Ltd. and Axa SA units, albeit at a higher price.
The first $10 million of coverage, which is effective Nov. 1, 2020, through Nov. 21, 2021, is being provided by Chubb at a premium of $569,172, according to the Board of Estimate’s agenda, while the second $10 million is being provided by Axa XL, with a $380,000 premium, for a total of $949,172.
The policies provide cyber incident response coverage, including an investigative team; business interruption loss and extra expense, as well as contingent business interruption and extra expense loss; digital data recovery and network extortion.
The coverage also includes third-party coverage for cyber privacy and network security, payment card loss regulatory proceedings and electronic social and printed media liability.
The agenda say the city’s bureau of risk management secured the renewal quote per expiring terms and conditions following a competitive process that included 10 insurers. A spokesman for the bureau could not be reached for comment.
A spokesman for Baltimore Mayor Bernard Young, who confirmed the agenda item was approved Wednesday morning, said, “After the attack last year, I think we still feel it’s a prudent expense.”
Baltimore was among many other public entities, ranging from small towns and municipalities to major cities, that were hit with ransomware attacks in 2019.
While Baltimore also had $20 million in coverage for 2019 with Chubb and Axa XL, it was less expensive. According to the Board of Estimates’ minutes for its October 2019 meeting, it paid a total of $835,103 for its coverage.
For that coverage, there was a competitive process that included 17 insurers, according to the minutes for the Oct. 26, 2019, meeting.