Just like any insurance really. Premiums go up with greater risk

Always best to have as much of a complete layered defense in place, document everything and have as many bases covered as possible. 

Very well said and very true. In South Africa, Cyber Insurance is fairly new, and it is actually scary how many of our customer base comes and as us to “rig” their documentation so they can get better benefits, but fortunately, we give what is in place, the same issue is with SAT, people simply do not see the need until they have been compromised a few times, the same will go with Cyber Insurance, when claims are not paid out, then they will start seeing the true value of putting the right and correct systems in place that are well documented as it should be.

Its a good opportunity for MSPs. We can provide a catalogue of services to provide defense in depth.

I was under the impression that most insurance companies have stopped insuring this. I can imaging how expensive it must be now. Like most insurance, they are happy to sell it to you. They just won’t let you use it like the advertised when something happens. And the the rates go through the roof.