Since 2013, we have included cyber liability and data breach response coverage (or, more commonly called “cyber liability insurance”) with base limits on every lawyers professional liability insurance policy at no additional charge. Your OAMIC cyber coverage not only includes first-party coverage for the law firm, but also third-party coverage to the firm’s clients. A short list of what’s included (subject to policy language) is below.
Included aggregate limits are based on the size of the firm but may be increased
Deductible is based on the type of claim but is usually $0
Costs associated as a direct result of an extortion threat are covered
The cost associated to investigate the source or cause of the event is covered
Regulatory Defense and Penalties
Defense costs and penalties associated with a claim in the form of regulatory proceedings are included
Crisis Management and Public Relations
Costs related to mitigating harm to the firm’s reputation are included
Apply for Increased Limits
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OAMIC Cyber from OAMIC on Vimeo.
Understanding Your Coverage
A data breach of any kind could be catastrophic for your firm, your reputation and your livelihood. That’s why we include it on every lawyers professional liability policy. Because we know base limits may not be suitable for every firm, a firm may choose to increase their limits to better protect themselves at a fairly low cost.