The Baltimore Board of Appeal, which suffered a major ransomware attack last year, approved the renewal of its $ 20 million in cyber insurance coverage on Wednesday with Chubb Ltd. and Axa SA units, albeit at a higher price.
The first $ 10 million in coverage, effective November 1, 2020, through November 21, 2021, is provided by Chubb at a premium of $ 569,172, according to the Board's agenda, while the second $ 10 million is provided. of Axa XL, with a premium of $ 380,000, for a total of $ 949,172.
The policies provide response coverage for cyber incidents, including an investigation team; Loss of business interruptions and extra cost, as well as contingent business interruptions and extra expense losses. digital data rescue and network blackmail.
Coverage also includes third party coverage for cybersecurity and network security, payment card loss procedures and electronic social responsibility and print media liability.
The agenda says the city's risk management agency secured the renewal price per expired terms following a competitive process that included 1
A spokesman for Baltimore's Mayor Bernard Young, who confirmed the agenda item was approved Wednesday morning, said: 'After the attack last year, I think we still feel it is wise
Baltimore was among many other public entities, ranging from small towns and municipalities to larger cities, which were hit by ransomware attacks in 2019.
While Baltimore also had $ 20 million in coverage for 2019 with Chubb and Ax XL, it was cheaper. According to the Appraisal Board's minutes for its October 2019 meeting, it paid a total of $ 835,103 for its coverage.
For that coverage, there was a competition process involving 17 insurance companies, according to the protocol of 26 October. , 2019, meeting.