13 October 2017 Insurance

Oak Underwriting includes cyber in high-net-worth insurance

RSA group-owned Oak Underwriting said on Oct. 13 that it has extended its high-net-worth (HNW) offering to include home cyber cover for the first time.

The HNW home product will automatically include home cyber assistance within its legal expenses and home emergency cover from Dec. 1, 2017. Oak will support customers by investigating and rectifying damage to the computer; locating and removing a computer virus; and hiring a professional consultant to advise customers on prevention measures against future cyber-attacks.

In addition, Oak will offer a more comprehensive cyber-crime cover with a £100,000 limit as an optional cover upgrade, which will cover payments liable as a result of hacking, ransomware, or misuse of personal data.

Because devices are commonly shared among family members, the cyber-crime policy will also cover immediate family as well as domestic employees. Oak’s improved legal expenses and home emergency cover will be underwritten and administered by DAS, as part of a new partnership with Oak, and will be sold through brokers.

Mark Coffey, Oak Underwriting managing director, said: “Our home offering has been updated to ensure our HNW customers are protected against the risks they face today that are not necessarily included in a more traditional policy. Our priority is to ensure that we are providing innovative insurance solutions that meet the expectation and need of our valued customer base.

“We are pleased to be partnering with DAS to offer this increased cover, which we are confident will meet broker demand and be flexible enough to offer the cover that customers need today.”

James Henderson, DAS managing director insurance UK & Ireland, said: “The high-net-worth insurance market requires innovative, tailored products that meet the changing needs of its customers and I am delighted that we’ve been able to demonstrate how we can build customer-centric offerings through the new partnership with Oak Underwriting. This is a very important strategic partnership with Oak and RSA, which will be a significant focus for us.”

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