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“Does Broker Know Best When Purchasing Cyberinsurance?” Law360

“The word today on the lips of everybody in the insurance industry is ‘cyberinsurance.’ That is because the cyberinsurance market is on the brink of exploding, with total annual premiums projected to grow to $20 billion by 2025,” write Peter J. Biging, Jonathan L. Schwartz, and Meghan A. Collins, lawyers in Goldberg Segalla’s Professional Liability, Global Insurance Services, and Cyber Risk Practice Groups.

While this presents a tremendous opportunity for insurers and brokers alike, the authors write, “it also presents substantial risks, in the form of possible ‘failure to advise’ errors and omissions claims.”

Here in this Law360 Expert Analysis column, Peter, Jonathan, and Meghan examine the issues and risks insurance brokers face as they take the plunge into advising clients on cyber coverage purchases, including questions surrounding a broker’s duty of care, the dangers for brokers in professing cyber expertise, and the value of cyber education for brokers.

Read the article here: