Insured Company definition
Examples of Insured Company in a sentence
In the event of such purchase by Insured, Company shall execute all documents which may be necessary or advisable to release or otherwise transfer its interest in the Policy to the Insured.
If, prior to a claim being made, the Insured Company has waived its rights to recovery against a person or entity in any written contract or agreement, then the Insurer will waive its rights to subrogation against such person or entity to the same extent as the Insured Company’s waiver.
An employee of the Insured Company who deliberately acts outside the course and scope of employment and whose intentional conduct results in a claim; provided, however, rogue employee does not include an executive officer.
The Insurer will pay data breach response and crisis management costs that the Insured Company incurs for a continuous twelve (12) month period resulting from a data breach that is first discovered by an executive officer and as soon as notice of the data breach is reported to the Insurer.
Business Interruption and Extra Expense The Insurer will pay for loss of business income and reimburse the Insured Company for extra expense during the period of restoration that the Insured Company incurs resulting from cyber security breach directly causing a total or partial interruption or deterioration in the Insured Company’s business operations.
Any material misrepresentation, concealment or misstatement by the Insured will render the Policy null and void with respect to any natural person Insured who knew of such material misrepresentation, concealment or misstatement and with respect to the Insured Company if an executive officer knew of such material misrepresentation, concealment or misstatement and relieve the Insurer from all obligations and liability herein with regard to said Insured parties.
The reasonable and necessary costs agreed to by the Insured Company and the Insurer to conduct an investigation to determine the cause and scope of a cyber-extortion threat.
Data Recovery The Insurer will reimburse the Insured Company for data recovery expenses that the Insured Company incurs directly resulting from a cyber security breach.
Any past, present, duly elected or appointed Chief Executive Officer, Chief Financial Officer, Chief Information Officer, Chief Privacy Officer, Chief Security Officer, Chief Information Security Officer, Chief Technology Officer, Risk Manager, General Counsel and/or in-house attorney designated to be in charge of litigation, or the functional equivalent of any of the foregoing, of the Insured Company.
A loss of business income calculation is based upon the amount of actual loss of business income the Insured Company sustains per hour during the period of restoration.