D. EXCLUSIONS
1.
These exclusions apply to all insuring agreements unless stated otherwise.
d.
Confidential or Personal Information (11 15 changes)
The
insurance company does not pay for loss that result from either of
the following:
(1) Disclosing
another person’s or organization’s confidential or personal
information. It also does not pay for loss resulting from any use of such
information.
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Example: Marguerite works
in Acme College’s Record’s Department. Her boyfriend, Phillip, asks
for some information about his roommate, Paul, and uses it to steal Paul's
identity. Paul discovers the identity theft when he attempts to secure a
student loan. The police track the release of information to Phillip and
Marguerite, both of whom have left town. Paul demands that Acme compensate
him for the monetary loss due to Marguerite’s actions. One reason the crime
coverage written on Acme College does not respond is because of this
exclusion.
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(2) Disclosing the
named insured’s confidential or personal information. However,
this exclusion does not apply to coverage that is available in certain insuring
agreement when such information is used for dishonest acts.
Examples
of such confidential or personal information mentioned in this exclusion are
patents, trade secrets, customer lists, processing methods, credit card
information, financial information, health information, or any other kind of
information that is generally not available to the public. These are only
examples and are not meant to restrict the term confidential or personal
information.
Note: This
exclusion was rewritten to clarify that only loss due to the disclosure of the
named insured’s personal and confidential information is not covered. Coverage
provided in an insuring agreement that is due to the use of the named insured’s
personal or confidential information could still be covered.
k.
Virtual Currency (11 15 addition)
Any
loss that involves virtual currency is excluded. Virtual currency is any type
of electronic currency such as digital or crypto currency. The name of the
currency and whether it is actual or fictitious is irrelevant to this
exclusion.
Note: Coverage is
available for this type of currency through CR 25 45–Include Virtual Currency
as Money.
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Example: Justine sells products only
online and accepts many forms of payment, including bitcoin. A recent audit
reveals that Chris, one of her employees, has been siphoning the bitcoin
payments to his personal bitcoin account. Justine submits an Employee Theft
claim that is denied because the loss is entirely in virtual currency.
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F.
DEFINITIONS
These definitions
apply to all insuring agreements. There are 25 definitions.
9.
Financial institution (11 15 change)
When
used in Insuring Agreement A. 3., a financial institution is a bank,
savings bank, savings and loan association, credit union, or similar depository
institution. It is also an insurance company.
When
used in Insuring Agreement A. 6., financial institution is a bank,
savings bank, savings and loan association, credit union, or similar depository
institution. It is also an insurance company, an investment company, or a stock
brokerage firm.
When used in any
other Insuring Agreement financial institution is any financial institution.
10.
Financial institution premises (11 15 change)
The definition
of premises differ from the common usage of
premises and therefore must be carefully reviewed.
· It is only the
interior. This means that sidewalks and parking lots are not the premises of a
financial institution even if the financial institution owns or is responsible
for the sidewalk or parking lot.
· If the financial
institution occupies only a part of a building, the premises is only the part
of the premises the financial institution occupies. This means that the
hallways, elevators, other businesses and lobby of that building are NOT
financial institution premises even if the financial institution owns the
building but leases space to other occupants. Only the part of the building
actually occupied by the financial institution is considered premises.
This
definition applies only to Insuring Agreement A.3.
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Financial Institution
Premises is only that space on the other side of the door.
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Not a Financial Institution
Premises
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24.
Transfer account (11 15 change)
An
account the named insured maintains at a financial institution from which money
and securities may be transferred, paid, or delivered by means of computer
telefacsimile, telephone, or other electronic instructions. The funds can also
be transferred based on by written instructions that permit certain types of
electronic transfers to be completed. However, the written instructions are not
those which are covered under Insuring Agreement A.2.
Note: Telegraphic,
cable and teletype were removed because they are archaic.
