Hiscox USA Privacy Breach Insurance offers first and third party coverage for electronic and non-electronic security and data breach events, including physical theft or any breach of privacy. In addition, Hiscox USA offers Healthcare Information Privacy Protection insurance, which addresses the unique exposures faced by the healthcare industry subject to the Health Insurance Portability and Accountability Act (HIPAA) and the HITECH breach notification law.
Privacy coverage highlights include the following:
- Any breach of any right to privacy or consumer data protection law
- Breach of duty to maintain the security of sensitive personal information under any statute, regulation, or contract including HIPAA, GLB, and your privacy policy
- Acts performed by contractors, vendors, and outsourcers on your behalf
- Privacy claims by employees
- Breach of confidentiality including commercial information
- Unfair competition related to your failure to maintain security
- Any civil regulatory action related to your failure to maintain security subject to a maximum $1M sub-limit for civil penalties and defense costs
- Up to a maximum $10M regulatory compensatory award cover (with 25% coinsurance)
- Intellectual Property infringement
- Defamation, trade libel, product disparagement
- Negligent transmission of a computer virus, worm, logic bomb or Trojan horse
The Security Coverage responds to first party costs related to a security failure, subject to a maximum $1M sub-limit. A typical security failure would incude an instance where sensitive personal inforamtion is lost and the insured is subject to laws which require the insured to notify those affected. Cost covered under this sub-limit include:
- Forensic Costs - including costs to determine the extent of the unauthorized access with sensitive personal information and legal fees for client attorney privilege
- Notification Costs - including postage, printing, drafting, call center, and advertisements
- Credit Protection Costs - including credit monitoring services, credit freezes, or fraud alerts
- Crisis Management Expenses - including fees for a public relations firm with a $25,000 sub-limit
The Security Coverage also provides up to a $10M sub-limit for a serious security failure which would cover an instance where someone steals authentication information, i.e. social security numbers or credit card numbers, in order to set up new financial accounts and the circumstance is evidenced to us. This sub-limit would provide coverage for the following costs:
- Credit Monitoring Services - up to $20 per affected person, for one year’s servcies
- Other Credit Protection Costs – including credit freezes or fraud alerts
Typical events that can lead to this type of coverge being needed are electronic hacks or non electronic breaches such as lost paper files, backup tapes, laptops, as well as social engineering or phishing.
Target classes for this coverage are:
- Retailers
- Technology Companies
- Healthcare Providers
- Professional Services Companies
- Any company with consumer information including credit card data.
The Hiscox Privacy Protection Coverage offers the following:
- Lloyd’s of London capacity which carries an A.M. Best’s Rating of A {Excellent}, Financial Size: Class XV
- Policy limits up to $10M
- Minimum premium of $2,500 for a $1M Limit~
- Minimum retention of $2,500
- Access for select insureds to an erisk hub that includes the following:
- Incident Hotline – provides immediate assistance in the event of a breach
- News Center – up to date privacy and security news in one place
- Learning center – a collection of white papers and articles by industry leading experts.
- Erisk resource directory – a collection of industry resources
- Access to a toll free risk management hotline
- Duty to defend basis
- Ability to quote and bind off a variety of applications, not just our own
- Experienced, diligent and flexible underwriters and support staff
Ability to add coverage for:
Hacker damage
Cyber business Interruption
Cyber extortion
To find out more
For more information, speak to your usual Hiscox contact or contact our Technology team.
Jim Whetstone
US Privacy Manager, Chicago
Tel: 312 239 6354
Email: jim.whetstone@hiscox.com
Meghan Levins
Assistant Vice President, San Francisco
Tel: 415 814 1453
Email: meghan.levins@hiscox.com
Brian Ross
Senior Underwriter, New York
Tel: 914 273 7421
Email: brian.ross@hiscox.com
Matt Donovan
Senior Underwriter, Atlanta
Tel: 404 410 2813
Email: matt.donovan@hiscox.com
Daniel Burke
Senior Underwriter - Technology, San Francisco
Hiscox Specialty
Tel: 415 912 1649
Email: daniel.burke@hiscox.com
David Wasson
Underwriter - Technology, Chicago
Hiscox Specialty
Tel: 312 239 6368
Email: david.wasson@hiscox.com
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