XL Catlin launches cyber risk policy
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XL Group Ltd. on Thursday said it is introducing a new policy form that offers broad coverage for data protection and privacy risks following a technology or cyber event.
CyberRiskConnect offers up to $15 million in limits, and coverage is available on a primary or excess basis, according to the insurer, which does business as XL Catlin.
The coverage includes:
• Expanded coverage for all third-party insuring agreements for wrongful acts committed by rogue employees, outsourced providers and third parties for whose third party wrongful act an insured is legally responsible.
• Business interruption coverage after a waiting period, with extra expense in excess of a dollar retention.
• An 18-month reimbursement period for losses arising from a data or cyber-security breach.
• An unlimited reimbursement period for business income loss. There is an expanded definition of “outsource provider” to include any third party contracted to perform any business service on behalf of an insured company.
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