To help high net-worth policyholders cope with increasing cyber risk, Privilege Underwriters Reciprocal Exchange offers cyber security services and cyber risk coverage in its high-value homeowners policy.
PRODUCT: Cyber liability additions to homeowners policy
COMPANY: Privilege Underwriters Reciprocal Exchange (PURE) with Concentric Advisors
BEST RATING: A- (Excellent)
AVAILABILITY: Coverage is available through appointed independent agents and brokers.
FOCUS: To help high net-worth policyholders cope with increasing cyber risk, Privilege Underwriters Reciprocal Exchange (PURE) now offers cyber security services and cyber risk coverage as part of its high-value homeowners policy. The policyholder-owned property-casualty insurer has partnered with Concentric Advisors, a firm specializing in cyber security management, to develop CyberSafe Solutions℠.
“Our members are increasingly concerned about cyber risk in their professional life and personal affairs," says Martin Hartley, PURE executive vice president and COO. PURE is adding cyber services and solutions “to provide knowledge and resources to make it easier for them to understand and reduce the risk, as well as coverage to help protect their privacy and their wealth,” he says.
UNDERWRITING: CyberSafe Solutions services include an educational website on cyber threat and risk mitigation, a telephone advice line and in-home cyber risk assessments. Concentric Advisors offers additional fee-based services to PURE members, including an in-home cyber security audit, a social engineering assessment and managed monitoring of in-home networks to detect and respond to intrusion attempts.
As part of the cyber risk package, PURE’s high-value homeowners policy includes coverage up to policy liability limit for defense costs and damages for claims and lawsuits resulting from cyber-related property damage or personal injury; full cost of identity restoration consultant to restore credit record and personal identity; and up to $10,000 financial loss in the event of unauthorized credit card use or unauthorized electronic transfer from a bank or other asset account.
Discounted rates are available for monitoring and restoration services through PURE’s preferred identity theft protection providers.
MINIMUM PREMIUM: CyberSafe Solutions is available to all PURE members with a high-value homeowners policy, regardless of premium.
TARGET: High net-worth individuals and families with homes insured for $1 million or more.
COVERAGE TERRITORY: Available in all states except Idaho.
CONTACT: Mark Galante, senior vice president and chief marketing officer; PURE Group of Insurance Companies, Suite 301, 44 South Broadway, White Plains, NY 10601; 914-992-0013;;.
Ronimarie Acord is an IA contributor.
