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Member, Beacon International Group, Ltd.
NEW YORK—Argo Pro has rolled out a new cyber liability insurance product, the division of Argo Group International Holdings Ltd. announced Monday.
Information & Professional Risk Paybook is aimed at businesses such as accountants, auto dealers, health care providers, wholesale and retail businesses, and professional and technology services firms among others. The product includes coverage for unauthorized access or use of private data, first-party coverage for breach notification and mitigation obligations, and defense expense coverage for contractual liability claims.
Along with the new coverage, Argo Pro has partnered with NetDiligence, which provides clients with regularly updated information about emerging risks, as well as with a data breach coach to help with an initial response to a privacy breach, said Michael Carr, Chicago-based senior vp and head of errors and omissions underwriting for Argo Pro.
“Advances in information technology have revolutionized the ways businesses attract, retain and interact with customers,” said Mr. Carr in a statement. “Along with benefits in speed and efficiency, these changes have created a variety of new exposures to loss—from liability for content on corporate Facebook pages or YouTube channels to privacy fines to business interruption from systems compromises. The iPRP product was designed to address these exposures for customers in any industry, including the professional liability exposure for firms that provide information intensive services to others.”
iPRP offers $5 million in primary capacity and $10 million in excess capacity, with minimum premium and deductibles of $5,000 each.
For more information, contact Mr. Carr at 312-849-6985 or mcarr@argoprous.com.