17 February 2016 Insurance

RLI launches cyber liability insurance unit

RLI Insurance Company and its Executive Products Group have created a new business unit to offer cyber liability insurance.

The cyber liability insurance unit will be available in the third quarter of 2016. It will offer protection for exposures arising from adverse cyber events including but not limited to data breaches, data loss, malware attacks, disruption of service and cyber extortion.

The unit with be led by Sean Scranton and Natasha Richard, underwriting directors, who bring extensive information security expertise and seasoned financial underwriting acumen to the new unit, according to RLI.

“These types of cyber threats and incidents are increasing in frequency, sophistication and volume and creating financial hardships for many companies,” said Chad Berberich, vice president, Executive Products Group.

“Our cyber liability unit will address this growing concern by offering critical protection for an organisation’s intangible assets such as electronic data, software and intellectual property, which may not be covered under their current business insurance policy.”

RLI’s Executive Products Group provides financial product policies and enhanced liability coverages on both a primary and excess basis.

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