Cyber

  • Insurers have become increasingly wary of having potential cyber losses hidden within their PTL book of business. As a result, direct losses arising from Cyber events may no longer be covered under OPDU’s PTL Policy, as they are best insured under a separate, specialist Cyber insurance policy.
  • However, indirect losses arising from cyber events may still be covered under OPDUs PTL policy where an allegation of Wrongful Act has been made in accordance with the policy.
  • Almost all schemes use Third Party Providers such as administrators. In the event that an administrator fails to supply the service promised under the contract due to a cyber-event, the OPDU policy may also respond if you have the Third Party Pursuit extension. In this case the policy will pay the costs of pursuing the third party for redress subject to the policy terms and conditions.
  • Investigations may also be covered which stem from a cyber-event becoming known. In this case there is no requirement of an allegation of Wrongful Act.
  • We would encourage trustees to review their contracts with their party providers to ensure that adequate provision is made for losses arising from cyber events.
     

GDPR

Following implementation of the Data Protection Act 2018, Trustees have been faced with extra duties and potentially significantly higher fines for breaches.

Our Policy covers trustees and pensions employees for civil fines and penalties including data protection provided that an allegation of Wrongful Act has been made and the penalty is not criminal. Investigations will also be covered which stem from a data breach becoming known. In this case there is no requirement of an allegation of Wrongful Act. 

If Scheme Assets are to be used to cover the cost of the OPDU Policy, it is important this is specified where asked on our application forms, as we will then invoice a small portion of the policy premium to the Principal Employer to cover the cost of Civil Fines and Penalties cover. 

For further information please get in touch.

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