What exactly is cyber insurance?

Cyber insurance is a type of policy that covers businesses and individuals against internet-based liability and risks. Basically, it protects you against fees and lawsuits and minimizes impact on business operations should a cyber-attack occur.

There are two types of coverage: first-party and third-party. First-party covers direct losses to a business or individual; third-party coverage extends to claims by customers.

Is everything covered under the Contractors All Risks Policy?

The Contractors All Risks Policy covers accidental and unforeseen damages – it does not cover damages which may be considered as inevitable having regard to the work to be executed or the planned method of execution, such as Settlement cracks or cracks in wall tiles, Damages resulting in wells or swimming pools, Existing damage prior to commencement of contract works, etc.,

If I insure for a higher value, will I get a higher claim amount?

No. The current market value of the property or the Reinstatement value of the property should be accurately calculated for arriving at the correct amount to be insured. The compensation payable when a covered loss or damage occurs shall be based on whether or not the property has been insured adequately. If the amount insured is excessive, it will mean overpayment of unnecessary premium; if the amount insured is inadequate you will receive amounts in proportion to the market value only.