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Tata Aig Cyber Shield: Assignment

The document discusses cyber insurance coverage provided by TATA AIG Cyber Shield insurance. It outlines various sections of coverage including digital theft of funds, e-reputation loss, data recovery, and media liability. It also describes general conditions of the policy such as reporting claims, other insurance, territorial scope, and cancellation terms.

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Anjali Allure
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365 views7 pages

Tata Aig Cyber Shield: Assignment

The document discusses cyber insurance coverage provided by TATA AIG Cyber Shield insurance. It outlines various sections of coverage including digital theft of funds, e-reputation loss, data recovery, and media liability. It also describes general conditions of the policy such as reporting claims, other insurance, territorial scope, and cancellation terms.

Uploaded by

Anjali Allure
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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TATA AIG CYBER SHIELD

Assignment

Miscellaneous Insurance

Faculty: JAYASHREE SRIDHAR

Submitted By:
Name: Anjali Seth
Roll No.: 202274

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Introduction

Innovation, web-based media, exchanges assume a significant part in how


associations direct their business and contact their clients yet they likewise go about
as doors to the digital assaults. Digital assaults are probably going to happen and
when they happen , can make moderate extreme misfortune for an association.
Digital protection additionally is known as Cyber hazard protection or Cyber Liability
Insurance Coverage (CLIC) is a particular protection item used to shield
organizations and individual clients from Internet-based dangers and all the more by
and large from chances identifying with Information Technology framework and
exercises. Digital protection began to turn into a well -known idea in 2005.

If it's not too much trouble, note Cyber-protection can't shield your business from
digital wrongdoing, rather it can keep your business on a stable monetary balance if
there should arise an occurrence of digital wrong occasion.

Do I require Cyber Insurance?

The Answer is-Most Likely you do require digital protection. As the quantity of
gadgets, applications, and so forth increase in an association, it turns out to be more
powerless against assaults. Actually, like organizations need protection against
cataclysmic events, business issues, similarly, digital protection is needed to defend
against digital assaults. Coverages in TATA AIG Cyber shield Insurance are as
follows:-

A. Insuring Sections ( Coverage):-


We and the Policyholder agree as follows:-

SECTION 1
Digital Theft of funds
Coverage

1.1 we are going to indemnify You for Theft of funds suffered by You as a
result of:

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i. Cyber Incident; or
ii. Hacking.
a. The Theft of funds happened during the Policy period,
b. Discovery of Theft of funds isn't any longer than 90 days from
the date of occurrence,
c. You report back to the issuing Bank or the Mobile wallet
within 72 hours .
1.2 we are going to provide You coverage for Legal Defence Costs incurred
by You to pursue a action against Your Bank and/or
Mobile wallet for non-reimbursement of funds because of Theft .
1.3 we are going to reimburse You for penal :-
(a) Not having the ability to keep up minimum balance in a very Bank
and/or,
(b) Missing an (EMI) on a loan.

Exclusions

Section 1.1 and Section 1.2 (coverages) shall not apply if, at
least one among the subsequent exclusions are fulfilled:-

a. Gross negligence in taking precautions


to safeguard Your Personal information, Bank
Accounts and/or Credit cards /Debit cards
b. Theft of funds because of physical loss or theft of Your
Computer system,
c. Withdrawal of funds , ATM made from
Account and/or Credit cards/Debit cards by a 3rd
party
d.( Theft of funds) by physical theft or byCredit
cards and Debit cards
e. Acts such as criminal and fraudulent committed by you,
f. Any loss of Non-Fiat currencies ( bitcoins and others.)

SECTION 2
E-Reputation Loss and Extortion Threat
Coverage

2.1 we are going to reimburse you for Your E-reputation loss , consent by insured, to not be
unreasonably withheld or delayed.

E-reputation loss means:


a. Costs for a specialist IT service provider b. Counselling Costs ( 15 hours) or actual costs
incurred.
costs, whichever is lower,
c. Costs incurred in pursuing legal defences.

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against or by a 3rd party,
d. Lost wages for up to a maximum of seven working days.

2.2 additionally to the overall Conditions the subsequent Conditions


shall apply to Section 2.1:
a. suffered Cyber Bullying or Defamation Event,

b.Cases such as Defamation and cyber bullying are 1st discovered by you throughout the
Policy term,

c. Cases such as Defamation and cyber bullying are 1st discovered by you to the police
among seventy two hours of discovery by You,

d. Cases such as Defamation and cyber bullying are1st discovered by you to ( United
States) straightaway or as shortly as fairly doable after it is 1st discovered by You.

ii. A medical certificate from a certified physician.


2.3 we are going to reimburse You for the Extortion Loss incurred by You
due to an Extortion Threat.
2.4 additionally to the overall Conditions the subsequent Conditions
shall apply to Section 2.3:
a. you have got suffered associate degree Extortion Threat,

b. The Extortion Threat happens and is initial discovered by You during the Policy amount,

c. The Extortion Threat is according by you to the police inside 72 hours of discovery by You,
and,

d. The Extortion Threat is according by you to America immediately or as before long as


moderately potential

Exclusions
The coverage in Section a pair of.1 and Section a pair of.3 shall not apply if atleast one in
each of the following exclusions area unit fulfilled: a. E-reputation Loss or Extortion Loss
caused by aJournalist, or b. Any publication or material relating to non-digital media.

SECTION 3
Data Recovery
Coverage

a)  necessary costs incurred by Specialist IT Service provider incurred by You to

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restore Your Data on Your automatic data processing system which has been
lost, altered, corrupted or
b)  cost incurred by You to
decontaminate, clean and restore Your automatic data processing system
which was full of the Cyber Incident.
c)  we'll reimburse You for the Extortion loss incurred because of a
Data Extortion Threat.
d)  additionally to the final Conditions the subsequent Conditions
shall apply to Section 3:
The loss /alteration /corruption / destruction of Information Data
occurs and is first discovered during the Policy term .

Exclusions

a. we are going to not acquire or replace any hardware components,


software or license.
b. we are going to not buy any costs of betterment of Your Computer
system beyond the state existing

SECTION 4
Media Liability
Coverage
4.1 we are going to pay any sums that you're legally liable arising
from a 3rd Party claim for:
I. defamation,
ii. breach of copyright / title,/slogan /trademark /trade name /
service mark / service name or name, or
iii. breach or invasion of privacy rights,
resulting from your Online media activities.
4.2 we are going to also reimburse Your Legal Defence Costs incurred from the Third party
claim .

B. General Conditions

1. Reporting a Claim
You must report as soon as within reason practicable during the
Policy the invention Period(if applicable) :
a) to us any actual Theft of funds, E-reputation loss,
Extortion Loss, Data Extortion Threat, Extortion
of Data, which can make to payment under this Policy;
b) to us any Third party Claim under Section 4 Media
Liability.

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2. Other Insurance:

If Legal Defence Costs or the other amounts insured under this


Policy are potentially insured under the other insurance
policy or policies, then you need to advise of the opposite
insurance within an affordable time of constructing a claim under this
Policy and supply Us with details of the opposite insurance.
3. Claims condition

a) The costs incurred are subject to pre-consent in written form, which shall not be
unnecessarily delayed.
b) All claims are going to be paid in Indian National Rupee (INR). If You
have suffered a loss which is during a foreign currency,
4. Fraudulent Claims

Our sole and absolute discretion, to avoid any obligations under the Policy or
void this Policy in its entirety, and in such case, all losses under
the Policy shall be forfeited and every one premium are non-refundable.
5. Limit of Liability

Our liability to pay or indemnify under this contract for every and


every loss and for all losses during the Policy Period, shall not
exceed the combination Limit of Liability
6. Sanctions

We shall not be deemed to produce cover and that we shall not be


liable to pay any loss or claim or provide any benefit hereunder
to the extent that the supply of such cover.

7. Assignment

You shall not be entitled to assign this Policy nor any interest or
right under the Policy without prior written consent from Us.
8. Governing Law

Any interpretation of this Policy referring to its construction,


shall be made in according to the laws of Republic of India and in accordance
with nation text because it appears during this Policy.
9. Territorial Scope
Where legally permissible by the Indian laws and also the terms and
conditions of the Policy, this Policy shall apply to any loss
incurred or claims made
10. Jurisdiction
The Policy is entitled to the exclusive jurisdiction ( to the Courts of

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India).
11. Arbitration
a) The term of the Policy shall be ruled by Indian law. If any dispute or distinction shall arise
on the quantum to be paid underneath the policy (liability being otherwise admitted), such
distinction shall freelance of all alternative questions be remarked the selection of a sole
intercessor to be appointed in writing by the parties to the dispute or if they cannot agree
upon one intercessor at intervals thirty days of any party invoking Arbitration.

12. Subrogation
In Case any payment made under this ,We
shall be subrogated to all or any Your rights or recovery thereof against
any and every one entities or organisations or persons, and it's Your
duty to execute and deliver all documents/instruments
necessary for Us to secure such rights and make sure that nothing
is done to prejudice the identical.

13. Renewal conditions


The Policy could also be renewed with Our consent. the advantages
under the terms or condition of the policy, including premium rate could also be subject to
vary.
14. Cancellation

We may cancel the Policy/Certificate of Insurance by sending


30 days’ notice by recorded delivery to the Policyholder/ on the grounds of mis-
representation,
fraud or non-disclosure of fabric facts. The Policy can be terminated by the
Policyholder by giving 30 days’ notice in writing to Us, in which
event we are going to retain premium at short-period scale as per the
following table, provided there's no claim under the Policy
during the Policy period.

Thank
You

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