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Hiscox Ltd. on Tuesday said it has launched security response coverage designed to help U.S. policyholders face terror, criminal and political violence threats.
Hiscox will partner with risk consultancy Control Risks Group Ltd. on the new Security Incident Response product, already introduced in Europe in 2017, which is designed to “… help businesses protect their people, operations, brand and reputation by complementing existing business security resources or, where necessary, acting as a stand-alone security function,” the Bermuda-based insurer said in a statement.
Perils addressed by the new cover include criminal, political, terrorism and political violence risks; kidnap, detention and extortion risks; and information risks such as cyber threats, as well as resources to help businesses build preventive resilience programs.
Hiscox says the cover may be used by enterprises of all sizes, from small and medium-sized businesses up to larger multinationals, to aid in incident response, crisis management, strategic advice and recovery services. It includes cover for Control Risks’ costs to help a business manage a crisis, including the deployment of response consultants and technical experts, as well as post-incident reporting and remediation services to ensure a smooth return to business as usual.
“In recent years, we’ve witnessed an increasingly uncertain security picture,” Kevin Henry, deputy chief underwriting officer for Hiscox Special Risks, said in the statement. “Our Security Incident Response coverage means that businesses of all sizes — whether they have an existing security capability or have no such resources to draw on — can access world-class incident response and recovery services with only one phone call.”
Companies with domestic and international operations face a rise in terrorism risk as attacks increased by 14% last year and the risk of attacks in the United States increased, according to a report released by Aon P.L.C. on Thursday.