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News: Travelers Wants Out of Contract With Insured

Insurance Journal article

In what may be one of the first court filings of its kind, insurer Travelers is asking a district court for a ruling to rescind a policy because the insured allegedly misrepresented its use of multifactor authentication (MFA) – a condition to get cyber coverage.

According to a July 6 filing in U.S. District Court for the Central District of Illinois, Travelers said it would not have issued a cyber insurance policy in April to Decatur, Illinois-based, electronics manufacturing services company International Control Services (ICS) if the insurer knew the company was not using MFA as it said. Additionally, Travelers wants no part of any losses, costs, or claims from ICS – including from a May ransomware attack ICS suffered.

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Travelers Wants Out of Contract With Insured That Allegedly Misrepresented MFA Use By  | July 12, 2022