Sompo International expands cyber insurance offerings
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Sompo International Holdings Ltd. said Monday it is introducing enhanced cyber products and a dedicated cyber team.
The Pembroke, Bermuda-based insurer and reinsurer said its Premier Professional policy, which provides professional liability and cyber coverage through a single policy form, has been enhanced to include coverage for General Data Protection Regulation violations, nonmalicious system failures, unintentional breaches of contract and Information technology vendor outages.
Coverage can also be extended to include malicious and permanent disabling of IT equipment and social engineering threats, Sompo said in its statement.
The policy offers up to $15 million in limits, according to a spokeswoman.
Sompo Premier Professional clients also have complimentary access to an expanded set of risk management services provided by cyber security professionals to help assess their exposure to cyber risk, improve their network security and respond more effectively to data breaches and other network crises, the statement said.
The company has also designated a dedicated U.S. team of underwriters to focus exclusively on marketing and underwriting its cyber products. This will be staffed by existing employees, according to the spokeswoman.
Jeff Kulikowski, senior vice president of cyber and errors and omissions underwriting, and Richard DePiero, senior vice president of U.S. cyber product leader, both of whom are based in New York, will lead the practice.
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