To help companies guard against cyber risks, XL Catlin expands its cyber coverage to include 24/7 support from a complex breach response team which includes computer forensics, data breach notification and more.
PRODUCT: Cyber and technology insurance policy
COMPANY: XL Catlin
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through appointed brokers on a wholesale and retail basis.
FOCUS: Data breaches can disrupt a company’s operations, threaten the security of financial customer and employee data, and cost millions of dollars. In fact, the average total cost of a single data breach is $7.01 million, according to the Ponemon Institute 2016 study of U.S. data breaches.
To help companies guard against these risks, XL Catlin expands its cyber coverage to include 24/7 support from a complex breach response team which includes computer forensics, data breach notification, credit monitoring, legal counsel and public relations assistance. “Response time is critical when a data breach occurs,” says Elissa Doroff, vice president, underwriting and product manager, XL Catlin.
The policy also includes access to an online information portal, tools and insights designed to help clients learn more about cyber threats and network security dangers.
“The portal provides resources dedicated to helping clients understand their risks, as well as learning materials to lessen the severity of a cyber security incident,” Doroff says. “Our intention is to keep clients informed about the latest developments and trends, and well equipped to respond should they experience a cyber incident.”
UNDERWRITING: Coverage is available up to $10 million on a primary or excess basis and includes a broad definition of technology services and products, with the ability to customize any other professional services; expanded privacy and security coverage to include confidential business information in addition to personally identifiable information (PII) and protected health information; a broad definition of PII that includes unencrypted information; and enhanced privacy regulatory coverage, including amounts paid into consumer redress funds, as well as any fines and penalties assessed.
The product also provides coverage for payment card industry fines and assessments available by endorsement; data breach response and crisis management costs offered on an aggregate basis or with a dedicated additional limit subject to a capped amount; and exceptions to the breach of contract exclusion, including negligent performance of technology services or professional services, breach of confidentiality provisions and violations of intellectual property rights.
MINIMUM PREMIUM: $40,000.
TARGET: Cyber, technology, telecommunication and internet companies with revenues greater than $10 million.
COVERAGE TERRITORY: All 50 U.S. states.
CONTACT: Elissa Doroff, vice president, underwriting & product manager; XL Catlin, 200 Liberty Street, 25th Floor, New York, NY 10281; 212-915-6542.
Ronimarie Acord is an IA contributor.
