PRODUCT: Safeco^® Cyber Protection Coverage

COMPANIES: Safeco; Credit monitoring and web monitoring provided by Kroll.

BEST RATING: A

AVAILABILITY: Appointed agents and brokers only.

FOCUS: The desire for 24/7 digital connection puts consumers' identities, data and money at risk. Using public Wi-Fi, paying bills online or connecting unencrypted Internet of Things (IoT) devices to a home network can allow cyber attackers to infiltrate the home, steal information and identities, extort money, commit fraud, and disrupt lives. Safeco's Cyber Protection coverage is a suite of innovative cyber coverages and services designed to protect modern households from cyber threats.

“This new cyber endorsement provides broad coverage and protection at a price point that is far below monitoring services alone," says Brook McGuire, go-to-market strategy lead, Safeco Insurance. “Some companies offer credit monitoring services, a small portion of which offer proactive dark web monitoring. Other companies provide identity theft and other cyber risk insurance. Safeco Cyber Protection Coverage is the first of its kind to provide both."

COVERAGE DETAILS: Safeco's Cyber Protection Coverage is designed to help the customer recover in the aftermath of a cyberattack. Coverage highlights include:

• Identity recovery. Covers legal fees, notary fees, credit bureau reports and other expenses and services to restore stolen identity.
• Online fraud. Covers direct financial losses due to a fraud event, including identity theft or unauthorized use of a card or account number.
• Cyberextortion. Covers the costs related to an extortion threat, including assistance from experts to help the insured regain files or reimbursement for ransoms paid.
• Cyberattack. Covers the cost to replace electronic data that has been lost or to restore a compromised device to its previous level of functionality.
• Cyberbullying. Covers mental health counseling to recover from related trauma, as well as temporary relocation and private tutoring expenses.
• Data breach. Covers financial and legal costs associated with personal data entrusted to the insured being lost, stolen or published.
• Proactive monitoring. Provides credit monitoring and monitors the deep web for sensitive customer information that may be posted for sale.

UNDERWRITING: Safeco's Cyber Protection Coverage is an optional endorsement that can be added to all Safeco homeowners policies.

TARGET: Anyone can benefit from Safeco Cyber Protection Coverage, especially people whose lifestyle, income or assets would be considered professional class or affluent. The coverage is also desirable to households that have IoT devices, such as security cameras, gaming systems, connected refrigerators or baby monitors, connected to their home networks. Families with teens and children who are active on social media could also benefit.

COVERAGE AVAILABILITY: AL, AR, CO, IL, IA, IN, KS, KY, MD, MI, MN, MO, MT, NV, NM, OH, OK, OR, PA, RI, TN, TX, UT and WI. More states to be added in 2023.

CONTACT: Brook McGuire, go-to-market strategy lead, Safeco Insurance; 678-417-3823.

Will Jones is IA editor-in-chief.