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Thank you for high lighting this Olaf Classen, and Jens Ferner for posting. This German court conclude insurance is a contract between parties and the information provided by the insured to the insurer, forms the basis for the conclusion of a contract.
The court ruled that the insurer did not have to pay a claim bought by the insured, on the grounds of fraudulent misrepresentation. The Kiel Regional Court found that the policyholder (the plaintiff) had incorrectly answered risk questions during the application process. These included security measures and the state of the IT infrastructure.
While the insured claimed there was no intentional deception, the court assessed the false statements as fraudulent deception. While each case is different ‘Policyholders should be aware of the consequences that false or incomplete information can have. For insurers, the ruling is confirmation that they can rightly withdraw from the contract if the policyholder has acted fraudulently.’
@Thaddeus Dziekanowski Oliver F. Gosemann
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberinsurance
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