Exhibit 3 - Cyber Renewal Summary2LOCKTON COMPANIES |
Cyber Renewal Summary
Expiring –Non-Renewing due to change in appetite Renewal
Insurer BRIT(Lloyd’s of London)
Corvus Insurance Agency, LLC
Admitted/Non-admitted: Non-Admitted Non-Admitted
Proposed Policy Term: 10/01/2020-10/01/2021 10/1/2021 – 10/1/2022
Aggregate Limit: $3,000,000 $3,000,000
Retention per claim:$50,000 (unless noted separately below)$100,000 (unless noted separately below)
Maximum Aggregate Retention:$100,000 N/A
Waiting Period each Business Interruption Loss:8 Hours 12 Hours
Retroactive Date:Full Prior Acts Full Prior Acts
3rd Party Insuring Agreements
Privacy and Security Liability and Regulatory Coverage $3,000,000 $3,000,000
PCI DSS Assessments $3,000,000 $3,000,000
Media Liability $3,000,000 $2,000,000
1stParty Insuring Agreements
Privacy & Security Breach Response Coverage $2,500,000 / $10k Retention1M Notified Individuals(Outside the Limit)
$3,000,000(Inside the Limit)
Network Extortion $3,000,000 / $10k Retention $3,000,000
Business Interruption and Digital Asset Restoration $3,000,000 $3,000,000
Consequential Reputational Loss (part of Business Income Loss)$1,000,000 $3,000,000
Bricking (part of Digital Asset Restoration)$3,000,000 $3,000,000
Contingent Bodily Injury $250,000 N/A
Cyber Crime $250,000 $100,000
Fraudulent Use of Telecommunications $250,000 $100,000
Invoice Manipulation $250,000 $100,000
System Hijacking $250,000 $100,000
Total Annual Premium*$59,850 ($52,725 net of commission)$117,012*($108,352.95 net of commission)
*Premium includes applicable taxes and fees.
Corvus terms include an exclusion for any event originating at or involving the City’s utility operations.
3LOCKTON COMPANIES |
Cyber Renewal Marketing Summary
Carrier: Response:Admiral Declined – due to class of business/municipalitiesAIGDeclined – due to class of business/municipalitiesAllied Worlds (AWAC)Declined – due to class of business/municipalitiesArchDeclined – due to class of business/municipalitiesArgoDeclined – due to class of business/municipalitiesAscotDeclined – due to class of business/municipalitiesAt-Bay ConsideringAxis Declined – due to class of business/municipalitiesBeazleyDeclined – due to class of business/municipalitiesCapSpecialtyDeclined – due to class of business/municipalitiesChubbConsideringCNADeclined – due to class of business/municipalitiesCoalitionConsidering
Corvus
Quoted:-As Expiring Limit - $3M Limit / $100K Retention : Annual Premium: $117,012* ($108,352.95 net of commission)-Lower Limit Option - $2M Limit / $100K Retention : Annual Premium: $100,886.43*Cowbell Declined – due to class of business/municipalitiesCrum&Forster Declined – due to size of budgetEriskDeclined – due to class of business/municipalitiesEverest Re Declined – due to class of business/municipalitiesEvolveDeclined – due to class of business/municipalitiesHartfordDeclined – due to class of business/municipalitiesHudsonDeclined – due to class of business/municipalitiesHuntersureDeclined – due to class of business/municipalitiesMarkelDeclined – due to class of business/municipalitiesNationwideDeclined – due to class of business/municipalitiesPhiladelphiaDeclined – due to class of business/municipalitiesQBEDeclined – due to class of business/municipalitiesResilienceConsideringSompoDeclined – due to class of business/municipalitiesStarrDeclined – due to class of business/municipalitiesTokioMarineDeclined – due to class of business/municipalitiesTravelersDeclined – due to class of business/municipalitiesUSLIDeclined – due to class of business/municipalitiesValidus UW Declined – due to class of business/municipalitiesVelaDeclined – due to class of business/municipalitiesXLConsideringZurichDeclined – due to class of business/municipalities*Premium includes applicable taxes and fees.