The Ontario Court of Appeal held that the policy's ransomware endorsement controlled because Panasonic's losses arose from a ransomware event. The insured could not avoid the endorsement's higher retention by framing the claim under broader base policy coverage. Because the agreed loss was below the US$3 million retention, the claim was wholly self insured.
Headline
Cyber policy dispute puts business interruption wording under appellate scrutiny
Ontario's Court of Appeal held that Panasonic's ransomware losses were governed by the policy's ransomware endorsement and its higher US$3 million retention, even though Panasonic claimed under broader base policy coverages.