DATE: Monday, February 22, 2016
TIME: 10:45 AM - 11:45 AM
VENUE: Royal Sonesta Hotel
ORGANIZER: 2016 Hospitality Law Conference
Hospitality businesses, which live by the credit card and extend internet access to a broad consumer base, are among those most vulnerable to cyber attack. To what extent can cyber insurance protect them from the liabilities and losses flowing from a cyber breach? The good news on the cyber insurance front is that insurance companies are eager to sell the protection, and favorable terms can be obtained if you know what to look for. The bad news is that the market lacks uniformity and many policies are confusing and densely written. This session will provide participants with the tools they need to purchase the coverage most likely to address hospitality industry risks -- for example, ensuring that coverage will respond to breaches causes by guests' use of facilities' wireless networks. After overviewing the most important coverages, presenters will deliver ten tips for avoiding coverage traps and increasing the odds that the coverage grant covers actual risks. We will review provisions covering evolving risks, time element losses, breach of contract claims and data losses on cloud and third-party vendor systems. The session will also touch on claims handling practices that maximize the likelihood of full recovery.