Specialist and Emerging Lines
Cyber
Understand first-party cover (data restoration, business interruption, extortion) and third-party cover (privacy liability, network security liability). Know the importance of exclusions for war, infrastructure and systemic events, and the treatment of silent cyber in traditional policies.
Energy and construction
Understand construction all-risks, erection all-risks, delay in start-up and the treatment of defective design. Know the energy sector covers: property damage, business interruption, control of well and liability.
Specialty risks
Understand political risk, trade credit, terrorism, kidnap and ransom, and event cancellation. Know the role of parametric triggers and captives.
Traps
Questions often test whether a cyber policy responds to a systemic event, or whether a construction policy covers defective workmanship. Another trap is the treatment of delay in start-up, which is a form of business interruption.
Worked example
A construction project is delayed by a design defect. The construction all-risks policy may exclude the cost of rectifying the defect but cover resulting damage. Rule of thumb: check the defective design exclusion.