Bajaj Allianz Cyber Insurance Policy

Insuring Clauses under Bajaj Allianz Cyber Insurance Policy

Insuring clauses refer to the risks assumed by the insurer. They are as follows:

• Social Media Cover
• Identity Theft
• Cyber Stalking Cover
• Malware Cover
• IT Theft Cover
• Phishing Cover
• Media Liability Cover
• E-mail Spoofing Cover
• Cyber Extortion Cover
• Data and Privacy Breach by 3rd Party Cover

Bajaj Allianz Cyber Insurance Policy: Inclusions

The cyber insurance offered by Bajaj Allianz General Insurance Company provides coverage for the following perils:

Cost of Prosecuting Criminal Case

• Defence Cost
• Direct & Pure Financial Loss
• Transportation expenses
• Photocopying of documents arising out of defence
• Online loss of funds
• Online payment loss of wallet
• IT Consultant cost
• The cost incurred in a claim for damages against 3rd party
• Legal fees incurred from a claim for damages against Financial Institution/Payment system operators

Bajaj Allianz Cyber Insurance Policy: Exclusions

The cyber insurance policy offered by Bajaj Allianz General Insurance Company does not provide coverage for the following perils:

• Bodily Injury
• Property Damage
• Dishonest & Improper conduct
• Unauthorised collection of data
• Unsolicited communication
• Immortal/Obscene services

Bajaj Allianz Cyber Insurance Policy: Claim Process

To raise a claim under Cyber Safe Insurance Policy, follow the below-mentioned steps:

• Inform the insurance provider
• Submit duly filled, signed and stamped claim form
• The insurance provider will assign an investigator for incident analysis as well as to check the severity of the cyber attack
• The turn-around time for the inspection process is around 4-5 hours
• In case the cyber attack is severe then a cyber expert is hired to analyse the incident. It cannot be done by the in-house cyber expert to avoid biasedness and keep transparency.
• All the concerned parties discuss the resolution of the incident including the policyholder.
• Then the insurer asks the insured about the estimated cost of the loss sustained
• Then all the details are re-reported to the claiming team of the insurance company.
• Then the claiming team reviews it and after the final approval, the settlement is done.

FAQs