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Home My WebLink AboutResolution - 2024-R0127 - Network Security And Privacy Insurance, Crum & Forster Insurance - 03/26/2024Resolution No. 2024-R0127 Item No. 5.14 March 26, 2024 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City Manager of the City of Lubbock is hereby authorized and directed to purchase for and on behalf of the City of Lubbock, Network Security Privacy Insurance coverage from Crum & Forster Insurance Company, who is yet to be determined, for which the premium amount shall not exceed $110,500.00; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council this March 26� 2024 TR� ATTEST: Court y Paz, City Secretary APPROVED AS TO CONTENT: � D. lu Kost ich, Chief Financial Officer APPROVED AS TO FORM: � H rt ell, eputy City Attorney RES.Risk Mgmt-Crum & Forster Ins. [Network Security] March 14, 2024 Resolution No. 2024-R0127 Cyber Liability Insul'anCe Company: Crum & Forster Insurance Company Policy Term: 04/01/2024 to 04/01/2025 Coverage: Provides coverage for claims arising from an insured's liability due to damage or injury to others during performance of their duties or business. The loss can be reported years later, but the key is when it happened. Annual Premium: $110,500.00 Including Fees POLICY FORM: COVERAGE OPTIONS: [X] A Breach Costs � C. Muttlmedia Llability [Xj E. Cyber Extortion Loss -contingent B!# 8 PrD [X] B. Cyber Liability (X] D. eCrime Loss [Xj F. First Party Loss -network secudty 8 privacy Itability -social ertglneerir►g -data asset loss -regulatory Ilability and detense -fraudulent Tunds transier -toss of income and e�ra expense -PC18nes and assessments -telepnone system fraud -bricking -contlngent Bll 8 PrD -involce manlpulatlan -reputational loss -cryptojack�ng SERVICES: � C8F Cyber Response Team — 24l71365 � CFcyberASSIST -Phishing.00m Simulations -Knowledge Center -Untimited Advlce SUBJECTIVITIES: Thls Quotatlon Is sub)ect to our recelpl, revlew and underwrlting approval ot the following raqulred addttlonal Informadon rlp of lo bindtnn: t. Completed, signed and dated Crum 8 Forster Simple Cyber Apptication. 2. Prior caMer loss runs withln 30 days prior to eftective date. 3 Completion of onbaardtng call wfth Cyber SWutions team SYSTEMIC EVENT: �X] Not ExGuded �] Exduded" Ii not excluded, premiums indude a Systemlc Event surcharge of 17.5°� 0 tp Ionl Optlon2 LIMRS OF LIABIL�iY: Aggregate Llmlt oi Llablllty: $2.000.000 $2,QU0.000 The above amount indudes Clalms Expenses unless amended by spedfic endorsement to thls PoUcy Breach Response Umft of Llablllty, Subllmlts of Llabllfty: eCnme Loss Subllmit oi L►abllity: Dependent Buslness Sublimlt of Llabil�ty RansomwarelMahvare Subl�mii oi Uabilfty: RansomwarelMalware Colnsurance: RETENTION: each incldent or event PREMIUM: Mdudes any Taxes and PlacemeM Fee $2.000,000 $100,000 •See eCrnne Miendatory Ei�abrsement $2.oao,000 $2.000,000 0°ti $500,000 S106,174 $2,000.000 $10U,000 32.000.aoo $2,000,000 0°h $10d,000 $�ta.�o This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only; it is not a binder and does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Cyber and Mullimedia Llabtllty Insurance Policy, SC-POL-002 (01l22) Proposal date: 03/12/2024 Prepared for City of Lubbock Confidential. OO 2021 USI Insurance Services. All rights reserved. � I 44 CONTINUITY DATE: U4/Ot�2024 Retroactive Date: None (Full prfor unkno�wn acis) • WAI7ING PERIOD: i2 hours Description SC-POL-002 (Oi122) CS 07 001 01 21 IL P 001 Ot 04 SOP CF 0716 NN 43 001 12 15 TX.SLFORNI {07/2021) SC-NOTICE-001 (10122) SC-TRIA-001 {08120} SC-END-001 (01f22) SC-END-111 (07J22j SC-END-094 (12121j SC-END-091 (07l23) SGEND-029 (01122) SC-END-052 (02/20j SC-END-113 (08J22j SC-END-114 (09l22) Cyber and Multlmedla Liabi[ity Insurance Policy Slgnature Page {CNm and Forster Specialty Insurance Company) U.S. Treasury DepartmenYs (OFAC) Advisory Notice to Policyholders Service of Process Clause (CBFS) Surplus Lines Po�icy Not�ce - Texas Texas Complamt Notice Ransomware-Malware Subfimit and Cansurance Notice Disclosure Pursuant to Terrorlsm Risk insurance Act Cap on Losses fram CertEffled Acts of Terrorlsm Choice oi Law Endorssment — New Jersey Bforteetnc Informabon Exctuston Endorsement Breach Costs Aggregate Limtt Endorsement eCnme Amendatory Endorsement 'APP!!ES TO OPT/ON '10NL Y Specific Matter Exdusion Endasement Wrongtul Cotlection Exclusion Endorsement Web Tracking Exciusion Endorsement IMPORTANT: PLEASE READ CAREFULLY In order to comptete the underwriting process, we require that you send us the additionaJ informatlon ("subjecUvitles") requested above We are not requlred to bind coverage prior to our recelpt, revievr and underwnting approvai of the above informat�on. If between the date of this Quotatlon and the EfCective Date of the proposed po[Icy there is a sa�nificant adverse change in the condihon of ih�s Applicant or an occurrence of an event, or other clrcumstances which oould substantia[ly change the underwnting evaluaUon oi the Appliqnt, then. at our opUon, this Quokatton may be withdrawn by written nobce lhereof to the Appllcant We also reserve the nght to modify lhe final terms and condi�ons upon revlew of ihe completed applicatwn and any other informa�on requested by the undervvriter herein. It such n�aterial change m the risk is d►scovered after binding. the insurance coverage wlll be void ab inillo (`from 1he beginn+ng'). Thfs QuotaUon is condiUoned upon the Applicant's agreemeni to accept delrvery ot the policy, endorseme�ts and any policyholder notices by electronic means. The ApplicanCs acceptance of thFs Quatation sfgnifies the�r agreement to this. Excluded coverage may be available for an additional premium. Other exclusions and policy limitations may apply. Please refer to the actual policies for specific terms, conditions, limitations and exclusions that will govern in the event of a loss. This proposal is merely a descriptive summary of coverege provided by the insurance companies being proposed and should be used for reference purposes only; it is not a binder and does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 03/12/2024 Prepared for City of Lubbock � Confidential. �O 2021 USI Insurance Services. All rights reserved. a ( 45