Whether a candidate is running for office at the local, state or national level, they face a wide range of exposures. AmWINS responds with a new cyber and media liability product to meet the needs of political candidates and political action committees.
PRODUCT: AmWINS Cyber and Media Liability Solution for Political Candidates and PACs
COMPANIES: AmWINS and a carrier that holds an A rating from AM Best
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through any AmWINS broker.
FOCUS: Whether a candidate is running for office at the local, state or national level, they face a wide range of exposures, from potential Federal Election Commission (FEC) violations, fines and penalties to lawsuits alleging defamation, invasion of privacy or plagiarism as a result of written or spoken public communications.
And as a result of the 2016 election, Holden McKinney, professional lines specialist at AmWINS Brokerage of Pennsylvania, anticipates greater enforcement and regulation from the FEC in regard to cybersecurity.
AmWINS responds with a new cyber and media liability product tailored specifically to meet the needs of political candidates and political action committees.
“In an extremely limited marketplace, this policy provides capacity that is not available in the open-brokerage space,” McKinney explains. “Candidates and PACs are becoming increasingly more difficult to place from both a cyber liability and management liability perspective. With that market shrinking, our offering provides a much-needed solution in the marketplace.”
David Lewison, senior vice president and national professional lines practice leader, AmWINS Brokerage, adds that AmWINS offers numerous proprietary products that are “tailored to the specific needs of niche industry groups, as well as exclusive amendatory endorsements for any class of business.”
COVERAGE DETAILS: Coverage is written on a manuscript policy form and can be customized to meet the unique needs of an individual candidate’s campaign.
Exclusively through AmWINS, an amendatory endorsement is available that protects against FEC fines and penalties. In addition to adding the FEC to the definition of “regulatory body,” this endorsement tailors the definition of “control group” to specifically fit a campaign’s unique structure.
The endorsement also increases the supplementary payments section and provides 90 days to select an extended reporting period. “Our exclusive amendatory endorsement protecting against FEC fines and penalties helps candidates and PACs reduce their exposure to the numerous and evolving risks related to their cyber and media activities,” McKinney explains.
UNDERWRITING: AmWINS requires a fully completed cyber application and may have some follow-up questions about a prospect’s security systems and procedures. For national-level candidates, AmWINS requires a conference call pre-binding and another call 90 days into the policy term.
The insured is required to hire a chief information security officer, who should be employed by the campaign and report to the campaign manager. Premium discounts are available if the insured also hires a carrier-approved cyber consultant.
MINIMUM PREMIUM: Premium is commensurate to the risk.
TARGET: Candidates running for government office at the local, state or national level, as well as PACs.
COVERAGE TERRITORY: U.S.
CONTACT: David Lewison, senior vice president and national professional lines practice leader, AmWINS Brokerage; 212-858-8975.
Jacquelyn Connelly is IA senior editor.