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Member, Beacon International Group, Ltd.
Allied World U.S., a unit of Allied World Assurance Company Holdings A.G., has launched Privacy//403 SRVS, a specified response vendor solution policy focusing on data breaches.
The policy provides comprehensive coverage for the liability and expenses related to a data breach, the New York-based insurer said in a statement Thursday.
The product offers coverage for privacy, network security and media liability exposures and includes full limit coverage for regulatory defense, fines and penalties. Supplemental privacy coverages, including public relations expenses, data forensics expenses, network extortion coverage and international notification are available, according to the statement.
“Privacy breaches remain a real threat to companies that store client and employee data in information systems,” Al Fantuzzi, senior vice president for professional liability, said in the statement. “In the event of a breach, Privacy//403 SRVS provides real-time assistance for our clients with immediate access to topflight vendors to help them to stay compliant with response timelines established by statute.”
“Our vendors have successfully handled thousands of breaches; they will provide policyholders with immediate, proactive assistance in navigating through the complex labyrinth of privacy laws, regulatory response, notification letter content and other issues integral to incident evaluation and response,” Joshua Ladeau, practice lead of privacy and network security for professional services, said in the statement.