Loading...
Exhibit 2 - Cyber Insurance Quote5555 Triangle Parkway, Suite 400 Norcross, GA 30092 Phone: 770-448-7148 Fax: 770-447-1663 Sep 23, 2020 Jennifer Cobb Lockton Companies, LLC - Dallas 2100 Ross Ave. Suite 1400 Dallas, TX 75201 Re: City of Denton, Texas, Ref# 8693662-B Proposed Effective 10/1/2020 to 10/1/2021 Dear Jennifer: We are pleased to confirm the attached quotation for CYBER being offered with Underwriters at Lloyd's of London. This carrier is Non-Admitted in the state of TX. Please note that this quotation is based on the coverage, terms and conditions as stated in the attached quotation, which may be different from those requested in your original submission. As you are the representative of the Insured, it is incumbent upon you to review the terms of this quotation carefully with your Insured, and reconcile any differences from the terms requested in the original submission. CRC Insurance Services, Inc. disclaims any responsibility for your failure to reconcile with the Insured any differences between the terms quoted as per the attached and those terms originally requested. The attached quotation may not be bound without a fully executed CRC brokerage agreement. NOTE: If insured is located outside your resident state, we must receive a copy of your non-resident license prior to binding. The Insurance Carrier indicated in this quotation reserves the right, at its sole discretion, to amend or withdraw this quotation if it becomes aware of any new, corrected or updated information that is believed to be a material change and consequently would change the original underwriting decision. If coverage is elected, please note: Guaranty Fund Nonparticipation 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. Home State: TEXAS The Home State was determined based on the information provided in your submission and the completed Declaration of Home State form. Please ensure the correct Home State is listed. Incorrect information could result in additional or return taxes, fees, surcharges, penalties, interest, and assessments at a later date, and in addition to what is shown. Additionally, please note that this is the current tax calculation based on the Home State but there could be changes that result in additional or return tax - due at a later date - based on future enactments of surplus lines laws by any of the various states. Should coverage be elected as quoted per the attached, Premium and Commission are as follows: Premium:$57,000.00 Surplus Lines Tax $2,764.50 Stamping Office Fee $85.50 Total:$59,850.00 TRIPRA Status:INCLUDED Tax Filings are the responsibility of: CRC Commission: 12.5% Broker Fees & Policy Fees are Fully Earned at Binding Should City of Denton, Texas elect to bind coverage as per the attached, simply complete the Request to Bind box below and return to our office prior to the requested effective date of coverage. Should you have any questions, please feel free to contact our office. CRC is compensated in a variety of ways, including commissions and fees paid by insurance companies and fees paid by clients. Some insurance companies pay brokers supplemental commissions (sometimes referred to as “contingent commissions” or “incentive commissions”), which is compensation that is based on a broker's performance with that carrier. These supplemental commissions may be based on volume, profitability, retention, growth or other measures. Even if a contingent commission agreement exists with a carrier, we recognize that our responsibility is to promote the best interests of the policyholder in the selection of an insurance company. For more information on CRC's compensation, please contact your CRC broker. Financing Insurance Premiums Premium financing budgets insurance payments and improves liquidity for other business objectives: working capital, business growth, business expansion. If your clients choose to pay their insurance in monthly installments, it's fast and easy with AFCO Credit Corporation, which is an affiliate of CRC, providing premium financing solutions for companies across the United States. You can learn more about how premium financing works and how it can expand your relationship with your clients by emailing afcodirect@afco.com; or call toll-free 877-317-6437, option 1. Additional information is available at https://www.afco.com/partners/crc.html. Sincerely, Jared Hopkins 770-448-7148 jhopkins@crcgroup.com 8693662 REQUEST TO BIND COVERAGE Complete and return to Jared Hopkins via email at jhopkins@crcgroup.com . Submission #: 8693662-B City of Denton, Texas Agency Response:[ ] Yes, please bind as quoted, effective:_____________ PREMIUM IS BEING FINANCED BY ___________________________ ACCOUNT #_______________ Name of Premium Finance Company Signed by: ________________________________Date: _______________ Representative of Lockton Companies, LLC - Dallas CONFIDENTIAL cyber privacy response Terms, Conditions and Subjectivities The following requirements must be satisfied prior to binding: 1.Provide individual contact and contact information (first and last name, email, phone, etc.) for the assured for the Brit Data Safe benefits. Please reference attached brochure. Cancellation – No flat cancellations. This quote is valid for 60 days Insured Policy Period: Insurer: Coverage: City of Denton, Texas 251 E. McKinney St. Denton TX, 76201 From: 01-OCT-2020 To: 01-OCT-2021 Both days at 12:01 a.m. local standard time at the address above. Syndicates 2987/2988 at Lloyd’s, London Cyber Privacy Response (CPR) Forms and special conditions: The coverage is subject to all terms and conditions set forth in the Policy which includes, but is not limited to, all Forms and Endorsements (hereinafter “Endorsements”) identified on the Schedule of Forms and Endorsements listed below. Territory: Choice of Law: Service of Suit: Currency: Worldwide New York Corporation Service Company d/b/a CSC Lawyers Incorporating Service Company. 211 East 7th Street, Suite 620, Austin, TX 78701 All premiums, limits, deductibles, and other amounts under this Policy are expressed by the dollar symbol ($) and payable in United States Dollars (USD). cyber privacy response COVERAGES AND LIMITS OF LIABILITY Limits and Sublimits of Liability for individual coverages being offered are shown below. A Limit or Sublimit of “NIL” or “N/A” indicates that the particular coverage has not been included in the quotation. Note: All limits include claim expenses as applicable. Option 1 $3,000,000 Annual Policy Aggregate A.Privacy and Security Liability and Regulatory $3,000,000 Each Claim B.Privacy and Security Breach Response* Breach Response Services other than Notification Services and Identity Protection Services $2,500,000 Each Security Breach Notification Services and Identity Protection Services 1,000,000 Notified Individuals C.PCI DSS Assessments Coverage $3,000,000 Each PCI DSS Assessment PCI Recertification Expenses $100,000 This sublimit is included within the overall sublimit for PCI DSS Assessments D.Cyber Extortion Coverage $3,000,000 Each Cyber Extortion Threat E.Business Income Loss and Digital Asset Restoration $3,000,000 Each Covered Cause of Loss Claim preparation costs applicable to Business Income Loss* $50,000 Each Covered Cause of Loss included with the overall sublimit for Business Income Loss F.Multimedia Liability $3,000,000 Each Claim G.Cyber Crime $250,000 Each Crime Loss and in the aggregate Breach Response Retention(s) $10,000 Each Security Breach Extortion Retention(s) $100,000 Each Extortion Threat All Other Retention(s) $50,000 Each Claim Aggregate Retention 2x Each Claim Retention Maximum Aggregate Retention All Coverages Retention Notified Individuals 100 Waiting Period (Business Income Loss) 8 Hours Premium: $57,000 - Please see CRC's cover page for total premium. *Insuring Agreement B Privacy and Security Breach Response is Separate from and in Addition to the Policy Aggregate Limit of Liability but Subject to the Separate Aggregate Sublimits cyber privacy response Retroactive Date: Full Prior Acts Continuity Date: 01-OCT-2019 Policy Form: CPR40020319 Cyber Privacy Response ENDORSEMENTS EFFECTIVE AT INCEPTION Endorsement: Title: CPR10210120 Lloyd’s Certificate Jacket BRT10151218 Lloyd’s Security Schedule •Syndicate 2987 – 90.0000% •Syndicate 2988 – 10.0000% CPR51610220 U.S. Terrorism Risk Insurance Act of 2002 as Amended CPR10220819 Complaints Procedures CPR51940520 Amend Definition of Crime Loss CPR50480219 Contingent Bodily Injury Coverage •$250,000 CPR52060620 CRC Enhancement Endorsement •$3,000,000 •$50,000 •$1,000,000 CPR50111218 Invoice Manipulation Loss •$250,000 CPR51290819 System Hijacking Coverage •$250,000 If after this document is issued, the Underwriters receive any new information or the applicant becomes aware of a Claim or Circumstance which could reasonably become a Claim under this proposed coverage that reflects any material change in the underwriting exposure, we may at our discretion, withdraw or modify the quotation at any time prior to Underwriters’ acceptance of the binder even if accepted by the Insured.