Concierge Cyber Launches My-Choice Endorsement

Green lock

PRODUCT: Concierge Cyber InsurePLUS with the My-CHOICE endorsement.

COMPANIES: Concierge Cyber and Lloyd’s of London.

BEST RATING: A

AVAILABILITY: Available on an open-brokerage basis.

FOCUS: Concierge Cyber, a provider of cyber risk management and embedded cyber insurance, has introduced Concierge Cyber InsurePLUSTM, a standalone cyber insurance policy backed by Lloyd’s of London.

The new My-CHOICETM Breach Response Expenses Amended endorsement allows policyholders to use their own trusted third-party vendors for breach response services, even if those vendors are not on the insurer’s pre-approved panel. This flexibility helps insureds avoid breaching existing contracts with service providers, reducing the risk of costly legal disputes at the worst possible time following a cyber incident.

“Most cyber insurance policies require insureds to only use the insurer’s approved panel of third-party service providers for breach response services,” says Kurt Suhs, founder and CEO, Concierge Cyber. “The InsurePLUS insurance policy with our response endorsement is designed to give insureds greater control in responding to and managing a cyber breach with their expert industry providers of choice.”

COVERAGE DETAILS: Concierge Cyber InsurePLUS with the My-CHOICE endorsement provides standalone cyber insurance with the insured’s ability to use its own preferred breach response vendors with the insurer’s prior written consent.

The coverage allows independent agents and brokers to allow their insureds to use pre-existing vendors under contract, such as their own IT firm or legal counsel; avoid breach of contract claims from third parties who would otherwise be displaced; maintain continuity and speed in response with known, trusted partners; and customize their breach response based on their unique business needs, not the insurer’s list.

MINIMUM PREMIUM: $1,500.

TARGET: Organizations with annual revenues of $250 million or less.

COVERAGE AVAILABILITY: All U.S. states.

COVERAGE TERRITORY: Worldwide.

CONTACT: Kurt Suhs, founder and CEO, Concierge Cyber; 275 Lirac Court, Johns Creek, GA 30022; 678-576-1106.

Will Jones is IA editor-in-chief.