Dealing with professional indemnity and cyber insurance overlap

Professional indemnity (PI) and cyber insurance for financial institutions (FIs) can often overlap, according to WTW in its latest “Demystifying Insurance” series. The broker noted that as PI and cyber policies provide liability cover, there are elements of cover provided under a PI and cyber policy which overlap particularly in relation to third party claims. However, cyber policies also provide cover for first party losses which are not generally provided under PI policies.