Loading...
HomeMy WebLinkAboutResolution - 2021-R0393 - Network Security Privacy Insurance 10.12.21Resolution No. 2021-R0393 Item No. 7.4 October 12, 2021 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the actions of the City Manager of the City of Lubbock in purchasing for and on behalf of the City of Lubbock, Network Security Privacy Insurance coverage, is hereby ratified. The subject insurer is listed in the attachment along with the terms and conditions and said attachment is incorporated hereto as if fully set forth herein; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council this ATTEST: Rebe ca Garza, City Seckg APPROVED AS TO CONTENT: f -Vo-� D. ffru Kost Lich, Chief Financial Officer APPROVED AS TO FORM: Vff 14ailsell, Deputy City Attorney October 12, 2021 DANIEL M. POPE, 13AYOR RES.Risk Mgmt-Ratify-Network Security Privacy Ins. October 1, 2021 Resolution No. 2021-R0393 VW CYOBERELLTM 00 Marsh COWBELL CYBER INSURANCE QUOTE - PRIME 250 City of Lubbock Subject to the terms and conditions contained herein, Cowbell Insurance Agency ("Cowbell") agrees to issue to the below Named Insured the following quote for insurance coverage. Upon binding of this account, we must receive a signed application from the Insured. Quote Number QCB-250-LO78SMJZ Quoted On 09/17/2021 Name of Insured City of Lubbock Mailing Address Po Box 2000, Lubbock, TX, 79457-4051 Email Address Revenue $650,000,000.00 # Of Employees 2359 Year Established 1909 Agency Name Marsh USA Policy Period From: 09/30/2021 (Effective Date) To: 10/01/2022 (Expiration Date) Both dates at 12:01 AM Insured Local Time Policy Term 366 days Estimated Premium (without TRIA) $97,411.00 Policy Premium TRIA $974.11 Underwriting Fees $750.00 TOTAL AMOUNT $99,135.11 Aggregate Limit $1,000,000 Insured State TX Coverage under this policy is provided only for those Insuring Agreements for which a limit of liability appears on subsequent pages. If no limit of liability is shown for an Insuring Agreement, such Insuring Agreement is not provided by this policy. The Aggregate Limit shown above is the most the Insurer(s) will pay regardless of the number of Insured Agreements purchased. © 2021 Cowbell Cyber, Inc. I All Rights Reserved I www.cowbell.insure 11 (833) 633-8666 Cowbell Insurance Agency LLC, State Licenses: https,//c_owbell.insure/state-licenses/ Policies underwritten by Cowbell Insurance Agency are written by Obsidian Specialty Insurance Company NAIC # 16871 (A.M. Best "A-" Rated) Page 4 of 10 -CYOBERELLTM LIABILITY EXPENSE C: Liability Costs [ PCI Costs C ` Regulatory Costs FIRST PARTY EXPENSE G Cowbell Breach Fund G Data Restoration Costs G Extortion Costs F� Reputational Harm Expense FIRST PARTY LOSS G Business Interruption Loss G Contingent Business Interruption Loss G System Failure G Cyber Crime Loss G Bricking Costs G Criminal Reward Costs fi! Marsh COVERAGES - PRIME 250 COVERAGE LIMIT DEDUCTIBLE WAITING RETRO ACTIVE PERIOD PERIOD $1,000,000 $100,000 - Full Prior Acts $1,000,000 $100,000 - Full Prior Acts $1,000,000 $100,000 - Full Prior Acts COVERAGE LIMIT DEDUCTIBLE WAITING RETRO ACTIVE PERIOD PERIOD $1,000.000 $100,000 - - $1,000,000 $100,000 - - $1,000,000 $100.000 - - $500,000 - 24 Hours 09/30/2021 COVERAGE LIMIT DEDUCTIBLE WAITING RETRO ACTIVE PERIOD PERIOD $250.000 $100,000 24 Hours - $250,000 $100,000 24 Hours - $250,000 $100,000 24 Hours - $250,000 $100,000 - - $250,000 $100,000 - - $100,000 - - - © 2021 Cowbell Cyber, Inc. I All Rights Reserved I www.cowbell.insure 11 (833) 633-8666 Cowbell Insurance Agency LLC, State Licenses: https://cowbell.insure/state-licenses/ Policies underwritten by Cowbell Insurance Agency are written by Obsidian Specialty Insurance Company NAIC # 16871 (A.M. Best "A-" Rated) Page 5 of 10 COBEBELL' COVERAGE ENDORSEMENTS G California Consumer Privacy Act G General Data Protection Regulation G Utility Fraud Attack G Media Liability 61 Marsh ENDORSEMENTS - PRIME 250 COVERAGE LIMIT DEDUCTIBLE WAITING RETRO ACTIVE PERIOD PERIOD $1,000,000 $100,000 - Full Prior Acts $1,000,000 $100,000 - Full Prior Acts $100,000 $100,000 - - $1,000,000 $100,000 - Full Prior Acts © 2021 Cowbell Cyber, Inc. I All Rights Reserved I www.cowbell.insure 11 (833) 633-8666 Cowbell Insurance Agency LLC, State Licenses: https://cowbell.insure/state-licenses/ Policies underwritten by Cowbell Insurance Agency are written by Obsidian Specialty Insurance Company NAIC # 16871 (A.M. Best "A-" Rated) Page 6 of 10 40 COWBELL' Marsh R ENDORSEMENTS & FORMS - PRIME 250 (EFFECTIVE AT INCEPTION) TITLE FORM # Cowbell Cyber Risk Insurance Policy Declarations - Prime 250 Notice to Policyholders - OFAC Customer Notice of Privacy Policy & Producer Compensation Practices Disclosure Cowbell Cyber Risk Insurance Policy - Prime 250 Service of Process California Consumer Privacy Act General Data Protection Regulation Utility Fraud Attack Media Liability Disclosure Pursuant to Terrorism Risk Insurance Act Cap on Losses From Certified Acts of Terrorism Trade or Economic Sanctions Exclusion Endorsement PRIME 250SL 002 07 20 PNO06SL 09 20 PNO07SL OB 09 20 PRIME 250SL 001 10 20 PRIME 250SL 075 12 20 PRIME 250SL 004 09 20 PRIME 250SL 005 09 20 PRIME 250SL 006 09 20 PRIME 250SL 007 09 20 PRIME 250SL 028 10 20 PRIME 250SL 029 10 20 PRIME 250SL 032 09 20 © 2021 Cowbell Cyber, Inc. I All Rights Reserved I www.cowbell.insure 11 (833) 633-8666 Cowbell Insurance Agency LLC, State Licenses https //cowbell.insure/state-licenses/ Policies underwritten by Cowbell Insurance Agency are written by Obsidian Specialty Insurance Company NAIC # 16871 (A.M. Best "A-" Rated) Page 7 of 10 COWBELL' OB E E L LTM 60 Marsh SUBJECTIVITIES - PRIME 250 This quote proposal expires on the earlier of the following: seven (7) days after the effective date of the policy; or upon notice to you by Cowbell that the quote is expiring as of a particular date due to changes in market conditions and/or the new If the policy is issued after the effective date of coverage a no known loss letter will be required to issue. This quote proposal for insurance coverage is issued based on the truthfulness and accuracy of the information provided to Cowbell in response to the questions on the insurance application entered into our underwriting system. If between the date of the quote and the Effective Date of the proposed insurance contract, there is a material change in the condition of the Named Insured or if any notice of claim or circumstance giving rise to a claim is reported prior to the Effective Date of the proposed insurance contract, then the Named Insured must notify Cowbell. Whether or not this quote has already been accepted by the Named Insured, Cowbell reserves the right to rescind this quote as of its Effective Date or to modify the final terms and conditions of the quote upon review of the information. Cowbell also reserves the right to modify the final terms and conditions upon review of the information received in satisfaction of the aforementioned conditions. 1. 2. 3. This quote is also subject to the satisfaction of the following conditions: • Please provide the intended Policyholder's contact information: Name, Email, and Phone Number; this is necessary prior to binding. • Cowbell Application signed and dated within 30 days prior to binding. • If the applicant had prior cyber coverage, please provide 5 years of loss runs. • Completed Surplus Lines Tax Documentation Form prior to binding. • Have a risk engineering call within 120 days of policy issuance. Please note this quote contains only a general description of coverage provided. For a detailed description of the terms, you must refer to the insurance contract itself and the endorsements listed herein. © 2021 Cowbell Cyber, Inc. I All Rights Reserved I www.cowbell.insure 11 (833) 633-8666 Cowbell Insurance Agency LLC, State Licenses: https-//cowbell.insure/state-licenses/ Policies underwritten by Cowbell Insurance Agency are written by Obsidian Specialty Insurance Company NAIC # 16871 (A.M. Best "A-" Rated) Page 8 of 10 COWBELL" 60 Marsh '41MI CYBER DESCRIPTIONS - PRIME 250 Subject to the terms and conditions contained herein, Cowbell Insurance Agency ("Cowbell") agrees to issue to the below Named for insurance coverage. Upon binding of this account, we must receive a signed application from the Insured. L�� Liability Costs Coverage for (1) defense expenses, (2) monetary damages the insured becomes legally obligated to pay including pre -judgment interest, post judgment interests, judgments or settlements; and (3) punitive, exemplary, or multiplied damages but only to the extent such damages are insurable under the applicable law most favorable to the insurability of such damages. G' Pa coats Coverage for amounts the insured is legally obligated to pay under a Payment Card Services Agreement including: (1) monetary assessments; (2) fines; (3) penalties; (4) chargebacks; (5) reimbursements; (6) fraud recoveries; (7) forensic investigation, including any PFI; and (8) costs or expenses incurred in connection with a PCI DSS compliance audit. G Regulatory Costs Coverage for (1) any amount the insured is legally required to deposit in a fund for the payment of consumers; (2) fines; or (3) penalties imposed by a federal, state or foreign governmental entity due to a privacy incident. G Cowbell Breach Fund Coverage for losses and expenses directly associated with recovery activities after a cyber incident. This can include incident response, investigation, forensics, crisis management, notification to customers, call center services, overtime salaries, post- event monitoring services such as credit monitoring, and healthcare records remediation for impacted customers. G Data Restoration Costs Coverage for the cost to replace, restore, recreate or recover data residing on an insured's computer system that is compromised as a direct result of a network security incident. If such data cannot be replaced, restored, recreated or recovered, then data restoration is limited to the costs associated with that determination. IS; Extortion Costs Coverage for losses from a privacy incident or network security incident resulting from a credible threat or series of threats, such as a ransomware attack. This can include expenses to investigate the cause of an extortion threat and the payment amounts, including the actual costs to execute such payment (whether in digital or traditional currency). t Reputational Hann Expense Coverage for the income loss that the insured sustains during a period of indemnity that directly results from a communication via any medium specifically arising from an actual or alleged incident that threatens to, or actually does negatively harm the insured's reputation C Business Interruption Loss Coverage for the income loss and extra expenses due to the actual and measurable interruption or degradation in performance of the insured's computer system. This would also include a voluntary shutdown of the insured's computer system when such action is taken to minimize, avoid or reduce further damage as a result of a covered incident. C % Contingent Business Interruption Loss Coverage for the income loss and extra expenses due to the actual and measurable interruption or degradation in performance of a service provider's computer system. This would also include a voluntary shutdown of computer systems when such action is taken to minimize, avoid or reduce further damage as a result of a covered incident. 1 System Failure Coverage for the income loss and extra expenses due to a system failure (see policy wording) which causes the actual and measurable interruption, suspension, failure, degradation or delay in performance of the insured's computer system. [ Cyber Come Loss Coverage for loss of money or digital currency directly resulting from any of the following covered events: (1) social engineering (2) reverse social engineering, (3) fraudulent transfer of funds. It also provides coverage for charges incurred by the insured from its telecommunications provider as a result of a telecommunications hack. C Bricking Costs Coverage for the reasonable and necessary costs, subject to the insurer's prior consent, to replace, remediate or improve the insured's computer system. Costs must be incurred as a direct result of a network security incident. © 2021 Cowbell Cyber, Inc. I All Rights Reserved I www.cowbell.insure 11 (833) 633-8666 Cowbell Insurance Agency LLC, State Licenses: https://cowbell.insure/state-licenses/ Policies underwritten by Cowbell Insurance Agency are written by Obsidian Specialty Insurance Company NAIC # 16871 (A.M. Best "A" Rated) Page 9 of 10 -CYOBERELLTM DESCRIPTIONS - PRIME 250 G Criminal Reward Costs Coverage for amounts offered by the insured for information that leads to the arrest and conviction of any individual(s) committing or trying to commit any illegal act related to any coverage under this policy. C California Consumer Privacy Act Coverage for the amounts that the insured is legally obligated to pay in responding to a CCPA compliance audit or investigation that directly results from a privacy or a network security incident. G General Data Protection Regulation Coverage for the amounts that the insured is legally obligated to pay in responding to a GDPR compliance audit or investigation that directly results from a privacy or a network security incident. Ci Utility Fraud Attack Coverage for the additional amounts incurred due to the manipulation or deception, by an unauthorized third party for its use, of the insured organization's natural gas, oil, or internet. G Media Liability Liability costs coverage for intellectual property infringement, other than patent infringement, resulting from the advertising of an insured's services. This builds upon the online media liability coverage in the base form to expand to printed advertising. This includes social media. © 2021 Cowbell Cyber, Inc. ( All Rights Reserved I www.cowbell.insure 11 (833) 633-8666 Cowbell Insurance Agency LLC, State Licenses: https.//cowbell.insure/state-licenses/ Policies underwritten by Cowbell Insurance Agency are written by Obsidian Specialty Insurance Company NAIC # 16871 (A.M. Best "A-" Rated) Page 10 of 10 -CYOB E RE L LTM 6800 Koll Center Parkway, Suite 250, Pleasanton CA 94566 SURPLUS LINES COMPLIANCE NOTICE ISSUING CARRIER Obsidian Specialty Insurance Company We are pleased to enclose quote proposal for this account. Please be advised that by binding this risk with the above referenced Surplus Lines Insurance Company, you agree that as the Surplus Lines Broker responsible for the placement of this insurance policy, it is your obligation to comply with all States Surplus Lines Laws including completion of any declarations / affidavits that must be filed as well as payment of any and all Surplus Lines taxes that must be remitted to the State(s). We will look to you for indemnification if controlling Surplus Lines Laws are violated by you as the Surplus Lines broker responsible for the placement. You further confirm that any applicable state requirement concerning a diligent search for coverage by admitted carriers has been fulfilled in accordance with state law. Thank you for this placement and your regulatory compliance. NAMED INSURED: City of Lubbock QUOTE NUMBER: QCB-250-LO78SMJZ STATE: TX SURPLUS LINES BROKER: FILING STATE SURPLUS LICENSE NUMBER: AGENCY NAME: Marsh USA AGENCY MAILING ADDRESS: CB -COMPLIANCE (12/20) Page 1 of 1 -� CYOB E RE L LTM 6800 Koll Center Parkway, Suite 250, Pleasanton CA 94566 TEXAS SURPLUS LINES NOTICE This insurance contract is with an insurer not licensed to transact insurance in this state and is issued and delivered as surplus line coverage under the Texas insurance statutes. The Texas Department of Insurance does not audit the finances or review the solvency of the surplus lines insurer providing this coverage, and the insurer is not a member of the property and casualty insurance guaranty association created under Chapter 462, Insurance Code. Chapter 225, Insurance Code, requires payment of a 4.85% percent tax on gross premium. CB -TX -NOTICE (12/20) Page 1 of 1