Cyber Risk Insurance: Policies, Claims and Coverage

(730 Ratings)

Produced on: May 15, 2015

Course Format On Demand Audio

Taught by

Categories:

Course Description

Time 63 minutes
Difficulty Beginner

Planning for data breaches and other cybersecurity risks is no longer optional.  Insurance is a central component of any cyber risk management strategy.  Recent coverage litigation and other developments cast doubt on whether standard general liability policies will cover losses resulting from cybersecurity events.  The presenters discuss:

 

Learning Objectives:

 

I.    Recent insurance coverage litigation for cyber incidents under comprehensive general liability policies

II.   Changes in CGL policy forms that seek to exclude claims for cyber incidents

III.  New forms of coverage that relate specifically to cyber risks; and

IV.  Emerging legal issues relating to new forms of cyber risk insurance

 

Faculty

Peter J. Torcicollo

Gibbons PC

Mr. Torcicollo is the Team Leader for the firm’s Construction Litigation practice. He handles all facets of construction disputes, including contract claims and claims relating to change orders, construction defects, scheduling and delay, construction liens, public bidding, and design. He has tried numerous jury and non-jury cases in state and federal courts in the region and has extensive arbitration and mediation experience before the American Arbitration Association and other alternative dispute resolution forums. Prior to attending law school, Mr. Torcicollo worked in the construction industry. He also represents clients in a wide variety of business litigation matters, including minority shareholder and contract disputes.

Representative Cases

Construction

Glenwood Pier Condominium Association, Inc. v. River Road Associates, et al. 

Gibbons represents the Glenwood Pier Condominium Association, the plaintiff in a lawsuit involving the construction of more than 160 luxury condominiums built on top of a 100-year-old pier structure (which formerly supported a Celotex manufacturing plant). The claims, which all relate to the pier structure and have been asserted against the developers and designers of the condominium complex, involve errors in design, construction defect, and various breaches of warranty and statutory claims. The plaintiff seeks in excess of $26 million. The case continues to proceed in mediation before the Honorable James D. Clyne (retired).

Independence Harbor Condominium Association v. Hartz Mountain Industries, et al. – Superior Court of New Jersey, Law Division, Bergen County

The firm represented Independence Harbor Condominium Association in a construction defects lawsuit against the condominium’s developer, the contractors responsible for its construction, and the designers. The claims included breach of warranty, violations of New Jersey’s Planned Real Estate Development Full Disclosure Act, violations of New Jersey’s Consumer Fraud Act, and design error and omission claims. Mr. Torcicollo was one of two lead trial attorneys from Gibbons on this matter, which was successfully tried before a jury, resulting in a multi-million dollar verdict. Thereafter, the firm negotiated and documented a series of settlements between the various parties.

Fabcon East, LLC v. Steiner Building Co., NYC, et al. – Supreme Court of New York 

The firm represented Fabcon, a precast wall manufacturer, in a breach of contract claim against Steiner in connection with the construction of a movie studio located at the Brooklyn Navy Yard. Mr. Torcicollo was lead trial counsel in this matter, which was successfully tried before a judge of the Supreme Court of New York, resulting in a verdict in Fabcon’s favor awarding substantial compensatory damages, interest and attorney’s fees, and denying defendant’s counterclaim in its entirety.

Spearin, Preston & Burrows v. Maher Terminals – American Arbitration Association

The firm represented Spearin, Preston & Burrows, a marine contractor, in a breach of contract action against Maher Terminals, for which Spearin performed a substantial wharf modernization project at Maher’s Port Newark facility. Mr. Torcicollo was lead trial counsel in this matter, which was successfully arbitrated before a three-arbitrator panel of the American Arbitration Association, resulting in a multi-million dollar award in Spearin’s favor, and a complete denial of Maher’s multi-million dollar counterclaim.

AMB Property, L.P. v. Century 21 Construction Corporation, et al. – Superior Court of New Jersey, Bergen County 

The firm represented AMB Property, L.P., a substantial commercial property owner, in a construction defects litigation against the property’s developer, contractor, and design professionals. AMB’s brand new warehouse facility suffered a significant roof collapse, resulting in millions of dollars in damages sustained by AMB. Mr. Torcicollo was co-lead counsel in this matter, which was litigated in the Superior Court of New Jersey, Bergen County. The firm ultimately negotiated and documented a successful, multi-party settlement on the eve of trial.

AMEC Civil, LLC, v. New Jersey Department of Transportation – Superior Court of New Jersey, Monmouth County 

Mr. Torcicollo is lead counsel in this matter in which the firm represents the New Jersey Department of Transportation in defense of AMEC Civil, LLC’s lawsuit involving the construction of a bridge in Belmar, NJ. The plaintiff’s claims are in excess of $40 million. In December 2008, the trial court issued an extensive opinion and an order granting 13 separate motions for partial summary judgment filed by NJDOT relating to a variety of issues, including certain contractual and statutory defenses to AMEC’s claims. As a result, significant components of AMEC’s damages and delay claims were eviscerated. The court’s opinion is noteworthy for its comprehensive treatment of issues impacting public construction projects in New Jersey and for its strict enforcement of the contractual and statutory provisions governing the relationship between contractors and the state. AMEC filed an interlocutory appeal of the trial court’s decision, which was denied. In September 2009, the parties agreed to a settlement of all of AMEC’s claims.

General Commercial

New Meadowlands Stadium Company, LLC, et al. v. New Jersey Sports & Exposition Authority 

When complete, the American Dream Meadowlands project will have cost more than $4 billion and will be one of the largest, most unique shopping, entertainment, and tourism centers in the world, creating thousands of jobs during construction and, ultimately, permanent, full-time employment. Mr. Toricollo represents the state of New Jersey and the landlord, New Jersey Sports & Exposition Authority (NJSEA), with respect to various litigations related to American Dream for NJSEA. One involved a lawsuit by the New Meadowlands Stadium Company, New York Giants, and New York Jets alleging that proposed modifications to the project – adjacent to their stadium – would violate their alleged contract rights and cause major traffic and parking problems. Mr. Torcicollo and the Gibbons team were able to get various aspects of the complaints dismissed over the course of the litigation and ultimately helped secure a mutually beneficial settlement allowing the project to move forward without inconveniencing our home football teams.

New Jersey Account Wagering, LLC v. New Jersey Sports & Exposition Authority

Plaintiff New Jersey Account Wagering, LLC, filed a lawsuit seeking injunctive relief precluding the NJSEA from utilizing an outside vendor to manage the statutorily created account wagering system, the system that enables bettors to place wagers on horse races by telephone, internet, or in person at one of the racetracks in the state of New Jersey. The NJSEA has filed a motion to dismiss the plaintiff’s complaint, which is currently pending before Judge Cecchi.

Sery v. Federal Business Centers, et al. 

Gibbons represented the lead defendant in a lawsuit in which the plaintiffs alleged minority shareholder oppression and breach of fiduciary duty. The case was venued in the United States District Court for the District of New Jersey. Mr. Torcicollo was one of two Gibbons attorneys principally responsible for the representation of Federal Business Centers, Inc., a New Jersey commercial real estate corporation that owns and operates real estate, primarily in New Jersey's Raritan Center business complex. Plaintiffs' claims exceeded $100 million. The firm achieved a complete victory for the company at the Summary Judgment phase, when all of the plaintiffs' claims were dismissed.

Professional Activites

  • Member - United States Secret Service

New York/New Jersey Electronic Crimes Task Force

  • New Jersey State Bar Association

Construction and Public Contracting Law Section

  • American Bar Association 

Forum on the Construction Industry

  • Trial Attorneys of New Jersey

Trustee

  • Litigation Counsel of America 

Inducted in 2007

 

Admissions

  • State of New Jersey
  • United States District Court for the District of New Jersey
  • United States Court of Appeals for the Third Circuit
  • Supreme Court of the United States

 

David W. Opderbeck

Gibbons P.C.

Mr. Opderbeck is a Professor of Law at Seton Hall University School of Law and Director of the Gibbons Institute of Law, Science & Technology. He focuses his practice on cybersecurity and computer law, privacy and civil rights, intellectual property, legal malpractice, and professional ethics. Professor Opderbeck’s passion for cybersecurity law and policy resulted in a multi-year grant-funded project, at Seton Hall University School of Law, sponsored by the Bergen County, New Jersey Prosecutor’s Office, which included new courses, continuing legal education programs, and the creation of a governmental working group on cybersecurity and cybercrime. He frequently appears in national and international media outlets and lectures to law enforcement agencies and other groups on cybercrime, cyberterrorism, and civil liberties.

 

EDUCATION

  • University of Nottingham (Ph.D. Candidate)
  • New York University School of Law (LL.M., Trade Regulation)
  • Seton Hall University School of Law (J.D., cum laude)
  • Editor-in-Chief, Seton Hall Legislative Journal
  • Gordon College

 

PROFESSIONAL ADMISSIONS

 

State of New Jersey

Commonwealth of Pennsylvania

United States District Court for the District of New Jersey

United States Court of International Trade

 

PUBLICATIONS & FEATURES

• "Drone Courts," 44 Rutgers L.J. 413, 2014

• "The Problem With NeuroLaw," 58 St. Louis U. L.J. 497, 2014

• "Towards a Theology of Intellectual Property as Social Relations," 10 St. Thomas L.J. 738 Symposium, 2014

• "Does the Communications Act of 1934 Contain a Hidden Internet Kill Switch," 65 Federal Communications Law J. 1, 2013

• "Social Network Analysis of Patents and Trade Secrets as Social Relations," 41 Aipla Q. 355, 2013

• "Cybersecurity and Executive Power," 89 Washington U. L. Rev. 795, 2012

• "Rational Competition Policy and Reverse Payment Patent Settlements Under the Hatch-Waxman Act," 98 Georgetown L.J. 1303, 2010

• "Deconstructing Jefferson’s Candle: Towards a Critical Realist Approach to Cultural Environmentalism and Information Policy," 49 Jurimetrics 203, 2009

• "Patent Damages and the Shape of Patent Law," 89 Boston University Law Review 127, 2009

• "A Virtue Ethics Approach to the Biotechnology Commons (or, The Virtuous Penguin)," 59 Maine Law Rev. 316, 2007

• "The Penguin’s Paradox: The Political Economy of International Intellectual Property and the Paradox of Open Source," 18 Stanford Law & Policy Rev. 101, 2007

• "Patents, Essential Medicines, and the Innovation Game," 58 Vanderbilt Law Review 501, 2005

• "Peer-to-Peer Networks, Technological Darwinism, and Intellectual Property Reverse Private Attorney General Litigation," 20 Berkeley Technology Law J. 1, 2005

• "The Penguin’s Genome, or Coase and Open Source Biotechnology," 18 Harvard Journal of Law and Technology 168, 2004

 

EVENTS

• Speaker, Itechlaw 2014 World Technology Law Conference, “Dealing with Hackers,” New York, NY, May 2014

• Speaker, Religious Legal Theory Conference, “The NSA is/and the Antichrist,” Emory Law School, March 2014

• Speaker, Gibbons Institute of Law, Science & Technology, “Federal Circuit Year in Review,” Newark, NJ, September 2013

• Speaker, New York State Wireless Association Meeting, “Mobile Payment Systems and Cybersecurity,” New York, NY, June 2013

• Webinar Speaker, American Bar Association, “Cyber Threats and Network Security Countermeasures: Keeping Your Intellectual Property and Secret Safe,” May 2013

• Organizer and Moderator, “Law and the Human Person Roundtable,” University of Notre Dame Law School, South Bend, IN, April 2013

• Speaker, Intellectual Property and Religious Conference, “Towards a Theology of Intellectual Property as Social Relations,” University of St. Thomas Law School, Minneapolis, MN, March 2013

• Speaker, Practicing Law Institute, “Think Like A Lawyer, Talk Like A Geek: Dealing With 

Hackers,” New York, NY, November 2012

• Speaker, New Jersey Prosecutors’ College, “Cybersecurity Law Update,” Atlantic City, NJ, 

September 2012

• Speaker, U.S. Military Academy, “Cybersecurity, Cyberwar, Cyberterrorism, and Civil Rights,” 

West Point, NY, April 2012

• Speaker, Internet Law Works In Progress Conference, “Does The Communications Act of 1934 Provide an Internet Kill Switch?,” New York Law School, March 2012

• Speaker, L'École Supérieure Catholique De Droit De Jérémie, “International Intellectual Property and Access to Medicines,” Haiti, March 2012

• Speaker, Religious Legal Theory Conference, “Beyond Bits, Memes And Utility Machines: Intellectual Property, Theology, and Metaphysics,” Pepperdine Law School, California, February 2012

• Speaker, New Jersey Public Defender’s CLE Program, “Computer Crimes Update,” Trenton, NJ, November 2011

• Speaker, New Jersey Marine Corps Reserve Terrorism Symposium, “Computer Crimes and Cyber-Terrorism,” New Jersey Institute of Technology, October 2011

• Speaker, New Jersey Prosecutor’s College, “Computer Crimes Update,” Atlantic City, NJ, September 2011

• Speaker, Seton Hall University School of Law Symposium, “Preparing for a Pharmaceutical Response to Pandemic Flu” and “State Sovereignty, Flu Viruses, and Intellectual Property, October 2008

 

• Speaker, Temple Law School Symposium, “The Evolution of Life-Saving Drugs: The Open 

Source Model and Beyond” and “Challenges for Open Source Biotechnology,” February 2006

 

• Speaker, Seton Hall University School of Law Symposium, “Peer-To-Peer Networking at the Crossroads” and “Copynorms and Filesharing Litigation,” April 2004

John T. Wolak

Gibbons P.C.

Mr. Wolak was recently named "Insurance Lawyer of the Year" (Newark, NJ) by Best Lawyers® and selected for the New Jersey Super Lawyers list, for Insurance Law. For almost 25 years, he has litigated matters involving hundreds of millions of dollars in insurance coverage for a broad range of clients and regularly provides strategic counseling and analysis of potential risks and exposures, policy terms and conditions, and claims resolution. He also represents clients on a broad range of complex commercial disputes, including contract claims, intellectual property matters, real property disputes, and restrictive covenant cases.

 

A wide variety of clients – including pharmaceutical and chemical manufacturing companies, financial and educational institutions, telecommunications companies, professional service providers, and insurance companies – rely on Mr. Wolak’s advice and representation to achieve their objectives and resolve both insurance coverage matters and commercial disputes. He has also been retained as an expert witness/consultant on insurance issues and is a frequent speaker on insurance law topics. Prior to joining Gibbons, Mr. Wolak served as a law clerk to the Honorable Nicholas H. Politan of the United States District Court for the District of New Jersey.

 

Representative Experience

  • As specially retained appellate counsel, obtained reversal of a multimillion-dollar summary judgment award against his clients – the policyholder and its liability insurer – because the adversary lacked standing to prosecute its claims for indemnification, both directly and under the applicable policy 
  • Served as lead counsel for the firm in a confidential, three-week international arbitration in London under the English Arbitration Act commenced by a policyholder seeking $90 million of insurance coverage for personal injury claims arising out of the use of prescription medication
  • Obtained dismissal with prejudice of all claims by all parties against an insurer client, after extensive motion practice before the trial court and several appellate arguments, seeking to impose liability (directly and as co-insurers) in excess of $5 million for damages arising out of a construction site accident
  • Obtained multimillion-dollar insurance recovery for a claim based on construction defects and property damage to the substructure of residential units and a parking garage, as insurance coverage counsel for condominium development owners
  • Represented a large regional law firm in a dispute over the availability of insurance coverage and the extent of damages in connection with a business interruption claim based on direct property damage at law firm’s headquarters
  • Obtained insurance coverage for defense costs and indemnification for various claims asserted against an international brokerage firm involving employment practices liability coverage and employee dishonesty coverage that had initially been denied by the insurers
  • Represented a prominent university in New Jersey in successfully negotiating the resolution of an insurance coverage dispute with various insurers of a general contractor and subcontractors, concerning insurance coverage for construction defects in connection with major renovations to a science/chemistry facility
  • Obtained dismissal with prejudice of all claims asserted against an insurer client for alleged extra-contractual damages under a D&O policy for defense and potential liability of individual directors and officers for Fair Labor Standards Act violations
  • Successfully negotiated reimbursement of defense costs incurred in connection with a regulatory investigation by various state and federal agencies for a prominent New Jersey medical doctor

Reviews

CH
Chantal H.

Fantastic presentation and information

TC
Travis C.

This seminar provided valuable insight for underwriters and claims lawyers.

LE
Linda E.

Good panel. Wish there had been more of last presenter.

SM
Susan M.

one of the best I've viewed

LL
Lisa L.

Good program on a hot topic.

EP
Emily P.

A topic I was curious about. Well done!

JH
Joel H.

Very good format.

GC
Greg C.

HIGHLY INFORMATIVE... EXCELLENT PRESENTATION.

TY
Tonya Y.

The case studies were very informative.

BF
Brian F.

Nice course

WD
William D.

Great introduction to Cyber Liability insurance. Thank you.

TC
Thomas C.

Thank you.

BG
Barry G.

Superb discussion of an area of law rapidly developing.

CH
Carrie H.

Very conversational- I enjoyed it.

YK
Yvenne K.

Excellent and informative presentation, especially the portion about determining costs of data breaches. The Ponemon Study was a very helpful resource.

WR
William R.

timely topic, must see for financial representatives.

CW
Carissa W.

Fantastic CLE. I loved the panel format, they each had some great information to share (a lot of it) and it is easier to remain engaged in a CLE when there are different speakers with different topics.

MB
Marlin B.

This perhaps the best Lawline course I've taken.

JW
julia w.

Very good- one of the best.

CS
Carol A S.

Excellent straight forward information about what might be seen as an obvious definition

RB
Ruth B.

Very informative

DJ
David J.

Excellent presentation.

LR
Lawrence R.

Thorough presentation.

LA
Louis t. A.

Excellent introductory course. Hope there is a second, more detailed, installment.course

TM
Thomas M.

Well presented and informative program.

LS
Lois S.

Valuable course. Now I know what I'm asking of my vendors.

MP
Matthew P.

Well done program

NM
Norajean M.

Interesting topic and information

AN
Alex N.

Very great overview of the key concepts in this hugely important, and emerging field. I would have presented the coverage issues first, then discussed the concepts of damages, standing, etc. Coverage always informs litigation.

DB
Derek B.

Very good coverage of cutting edge issue

MR
Mark R.

Extremely informative of emerging issues in this red hot area of law

DB
Derek B.

Great course on an evolving and timely topic

WD
William D.

Very interesting. Great panel !

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