Waiting Period
How long a business interruption has to last before a cyber or property policy starts paying lost income.
What it means for your firm
An 8 hour waiting period means income lost in the first 8 hours of an outage is not paid. Losses after that may be covered, subject to the policy terms.
It works like a deductible measured in time instead of dollars. Cyber waiting periods are often measured in hours, while property policies are often longer. Some policies apply a money deductible as well.
General definition for education only. It is not an interpretation of any policy or contract, and it is not legal advice. The wording of your own policy and contract controls. Policies and definitions vary by insurance company.
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Starting out or renewing, with a policy in hand or not. If something is worth discussing, we’ll call. If not, we’ll say so.