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Indemnification clauses are important but often overlooked parts of most contracts. Eric Drattell, general counsel at Roostify, tears down Microsoft's indemnification clause in their Online Subscription Agreement. He explains how contract drafters can use these principles to avoid getting tied up in lengthy litigation and how to keep their client’s company afloat when IP issues are at stake.
Historically, insurers protected against cyber risk in narrow, hard-to-get, and expensive ways. With few significant breaches, the limits made sense. But now breaches—and the policies that compensate for them—are common.
So what should you know about these cybersecurity insurance policies? What should they include? How do you advise clients about their assumptions or risks and smart costs? In this issue of the Contract Teardown, attorney Eric Drattell walks us through the most important red flags and wise counsel around the burgeoning field of cybersecurity insurance policies.