MGA cyber policy expands to cover computer crimeReprints
Specialist managing general agent Ascent Underwriting L.L.P. has extended its CyberPro Regulatory Billings product to cover social engineering and computer crime, and also now offers its cyber modules of coverage with no deductible, the London-based firm said Monday.
CyberPro was launched in December 2013 to offer financial protection against U.S. health care billing and coding regulation violations.
The product now covers losses arising from phishing and other fraudulent attempts to mislead policyholders into transferred monies or assets to criminals, Ascent said in a statement.
Ascent said the expanded overage enhances its crime products to address the emerging exposures associated with cyber-related risk.
Ascent’s crime cover includes traditional fraud arising from theft of electronic funds, fraud causing loss of a policyholder’s tangible product or merchandise, or compromise of a trade secret or nontangible asset that results in lost revenue.