Evolve Cyber Liability Coverage

FAIA Member Services has partnered with Evolve to bring FAIA members industry leading coverage through the EVO 3.0 cyber policy. Coverage highlights include:

Each and Every Claim Limit

EVO 3.0’s first party coverage pays out on an “each and every claim” basis, eliminating an aggregate limit. This gives each policyholder the benefits of full first party coverage limits each time a crisis strikes.

Theft of Personal Assets

Senior executive officers’ personal assets are now covered from theft in EVO 3.0’s expanded crime section. This coverage is intended to protect officers' personal bank accounts in the event hackers compromise their credentials and drain money from their bank accounts.

Management Liability

Historically, there has been confusion as to whether a cyber or management liability policy should pay in the event of a suit being made against the directors and officers due to a cyber attack. EVO remoes that confusion by providing affirmative cover for liability against senior executive officers in the event that the management liability policy doesn’t respond.

Incident Response Costs—Separate Limit

EVO 3.0 has a separate, full, additional limit to manage incident response costs, including forensic investigation and breach notification costs. This is intended to protect the main policy limit to pay for subsequent costs, including potential litigation or regulatory actions. In addition, we offer initial response services with no deductible, as we want to encourage swift engagement.

System Repair Costs

On top of standard data repair and rebuilding your computer systems, we will pay the additional costs and expenses incurred to install a more secure and efficient version of the affected computer system. This version can cost up to 25% more than the cost would have been incurred to repair or replace the original model or license.

Coverage Benefits

  • $5,000–$10,000 of Risk Management Services (Free)
  • Each & Every Claim: No Aggregate on 1st Party Limits
  • Funds Transfer Fraud: Limit Options $25k, $100k, or $250k+
  • No Risk Management Conditions
  • Theft of Senior Executive Officers’ Personal Assets
  • Theft of Funds Held in Escrow
  • Cyber Triggered Management Liability
  • $0 Deductible for Forensic Advice
  • Full Prior Acts 
  • Contingent Business Interruption Full Limits
  • Data Restoration Coverage 
  • Reputational Harm Coverage 
  • 25% System Betterment Coverage
  • Separate Tower Mirroring Policy Limits for Forensics & Attorneys
  • Payment Card Industry Fines, Penalties, Fraud, & Card Re-issuance Coverage