Does cyber insurance cover ransomware attacks and extortion?

Many cyber insurance policies cover ransomware attacks, including ransom payments, data recovery, and forensic investigations. However, policy terms vary, and some insurers may impose limits or require proof that payment was necessary to restore business operations.

Are there out-of-pocket costs with public health insurance?

Public health insurance often includes out-of-pocket costs like co-pays, deductibles, and prescription fees. These vary based on the country, program, and specific treatment or services received.

How do reinsurers handle claims settlements?

Reinsurers reimburse primary insurers based on contractual agreements, often requiring detailed claims documentation before processing payments.

Will filing an insurance claim increase my premiums?

Filing a claim may lead to higher premiums, especially if the claim is frequent or involves significant losses. However, small claims, no-fault incidents, or claims covered under comprehensive policies may not always result in increased rates.

What is the impact of regulatory requirements on reinsurance companies?

Regulations ensure reinsurance companies maintain financial solvency, follow risk management practices, and comply with capital adequacy standards like Solvency II.

Are deductibles refundable?

No, deductibles are not refundable because they are your share of the financial responsibility for a claim. Once you pay the deductible, it is applied toward your claim, and your insurer covers the rest based on your policy terms.

What should I do if my home is flooded?

Contact your insurance provider immediately, document the damage with photos and videos, remove valuable items if safe, and begin the claims process. Avoid entering heavily flooded areas due to safety risks.

Can I choose the replacement item under a replacement cost policy?

Yes, most policies allow you to choose the replacement item, but the item must be of like kind and quality, meaning it should be a reasonable equivalent to the lost or damaged property.