Media Liability Insurance
Content and Media Liability Insurance Policies are quite flexible, and can address a broad range of New Economy Perils. At its core, Content and Media Liability Insurance addresses the risks that come from publishing. Traditionally, this was in relation to print media and broadcasting. But the policies have been expanded to address publishing risk associated with the Internet.
Content and Media Liability Insurance Policies typically address the following exposures:
- Copyright Infringement in Relation to Published Materials
- Trademark Infringement in Relation to Published Materials
- Violating One’s Right to Publicity (improperly using a celebrity-likeness for instance)
- Contextual Errors and Omissions
- Product Desparagement
- Libel and Slander
- Invasion of Privacy
- Other Personal Injury Torts Arising From Publishing News Gathering
Recently, additional cyber-risk coverages have been added to Content and Media Liability Coverage. These include:
- Privacy and Security Coverage
- Professional Liability Coverage
As a result, a Content & Media Liability Policy can sometimes be used to cover risks that recently could only have been covered with cyber-risk insurance or a technology E&O insurance policy. This expansion of choices is quite good for consumers, but it is important to have a broker who knows the ins-and-outs of the various policies as offered by the various insurance companies.
A very desirable feature of Content and Media Liability Insurance Policies is that often they are written on an occurrence basis. In most cases, an occurrence policy is far more desirable than a claims-made policy. Cyber-Risk and Technology E&O Insurance Policies are almost always written on a claims- made basis.
Why are these policies offered on an occurrence basis? Before the Internet, Media Liability Insurance was primarily concerned with the personal injury torts generated by reporting. Intellectual property considerations were not as acute as they are today. Because the statute of limitations is extremely short on such personal injury tort claims, insurance carriers were willing to offer policies on an occurrence basis.
The fact that insurance companies have been slow to modify this in response to modern exposures should not be overlooked. All other things being equal, you’ll almost always want an occurrence policy rather than a claims-made one. So, firm’s seeking out cyber-risk policies, or network security and privacy coverage, should give careful consideration to content and media liability insurance, in consultation with a knowledgeable insurance broker.
At Alta, we are experts on these matters. We can provide a good combination of quotes that we can then evaluate together, allowing you to select the coverage option that best suits your needs and your budget.
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