Associations hold owner data and pay vendors electronically, which creates cyber exposure.
What it generally covers
- Breach response costs
- Funds transfer fraud, when included
- Business interruption, when included
Where gaps often hide
- Data held by the management company
- Social engineering fraud
- Security requirements in the application
Questions worth asking
- Does it cover funds transfer fraud?
- Who is responsible when the management company holds our data?
- What security controls does the insurer expect?
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General information only. Actual coverage depends on your policy, and coverage is not in force until confirmed in writing by the agency.