Navigators launches cyber liability and data breach insurance
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The Navigators Group Inc.'s principal underwriting agency subsidiary, Navigators Management Co. Inc., has introduced a new cyber liability and privacy/data breach coverage product called NAVSecure.
The product provides third-party liability coverage for liability arising out of a company's content, network security and data privacy wrongful acts, New York-based Navigators said Monday in a statement.
Key features of the policy include coverage for expenses arising out of a privacy breach, including notification costs, crisis management, credit monitoring, identity theft restoration, fines and penalties; data restoration, and network extortion attempts; an option for notification costs outside the limit of liability; and pre- and post-breach services.
“While limits up to $5M are available, our target market segment is the middle market so the focus of our underwriting will be on accounts that purchase policy limits of $1M to $2M,” Stuart M. Kohn, vice president of Navigators' specialty professional liability division and cyber liability and privacy/data breach coverage practice leader, said in an email.
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