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GLEN ALLEN, Va.—Markel Corp. has introduced a data breach endorsement for health care providers that can be added to its allied health care insurance policies at no cost.
The Glen Allen, Va.-based insurer said Tuesday in a statement that its DataBreach endorsement provides up to $50,000 in coverage for liability resulting from a compromise of confidential patient information and costs incurred by the insured for notification expenses, credit monitoring and data restoration.
Markel said if the buyer decides to purchase more DataBreach coverage in the future, there would be an easy transition to a stand-alone policy.
“We will honor the retro date if the insured takes a year or two before deciding to purchase a monoline policy after purchase of the endorsement,” Jake Kouns, Markel’s director of cyber security and technology risks underwriting, said in the statement.