White Paper

Types of Cyber Coverage

 
There is no standard cyber insurance policy. Cyber coverage breaks down into two broad categories: (1) first-party coverage, and (2) third-party coverage. First-party coverage addresses losses directly incurred by the insured. Third-party cyber insurance is a form of liability coverage that applies when claims are made against an insured involving a data breach or some other cyber event. The cyber insurance market is still in its infancy and, as characteristic of such markets, the policies issued by insurers vary significantly in the types of coverage afforded as well as policy terms and conditions.74 Purchasing the appropriate coverage can be a challenge for many reasons. Not only are the policies plentiful, varied, and untested, the exposures appropriate for insurance coverage are not always well-understood given the complex and evolving nature of cyber risk.

Faculty

Patrick J. O'Connor, Jr.

Patrick J. O'Connor, Jr.

Faegre Baker Daniels

Agenda

Faculty

Patrick J. O'Connor, Jr.

Patrick J. O'Connor, Jr.

Faegre Baker Daniels

  • Partner with the international law firm of Faegre Baker Daniels, LLP in its Minneapolis, Minnesota office
  • Was law clerk to Miles W. Lord, Chief Judge of the Federal District Court for the District of Minnesota
  • Practice focuses on construction, suretyship and insurance and has served as litigation or coverage counsel for contractors, owners, design professionals, and product suppliers in disputes venued in over 25 states and Canada
  • Acts as a mediator, arbitrator and expert witness in construction and insurance disputes and is a published author
  • Since 2007, counseled the AIA’s Documents Committee in connection with numerous contract forms and has held LEED AP (New Construction) certification through the U.S. Green Building Council
  • Listed in The Best Lawyers in America, International Who’s Who of Construction Lawyers, and Minnesota Super Lawyers
  • B.A. degree, Hamline University; J.D. degree, The American University
  • Can be contacted at 612-766-7413 or [email protected]

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