4 April 2014 Insurance

Allied World launches network security policy

Allied World US, part of re/insurer Allied World Assurance Company, has launched a new policy that provides coverage for privacy, network security and media liability exposures, including full limit coverage for regulatory defence, fines and penalties.

The Specified Response Vendor Solution policy also has an additional limit for notification and credit monitoring costs that will be capped at an insured‐specified number of individuals that is offered as a pay‐on‐behalf coverage. Insureds also have first dollar coverage for incident evaluation and breach consultation services.

It also offers supplemental privacy coverages, all available at full policy limits, including public relations expenses, data forensics expenses, network extortion coverage and international notification.

“What sets this product apart in the market is that Allied World offers a specified vendor approach providing access to industry‐leading breach response specialists,” said Joshua Ladeau, practice lead of the privacy & network security unit in Allied World US.

“Our vendors have successfully handled thousands of breaches; they will provide policyholders with immediate, proactive assistance in navigating through the complex labyrinth of privacy laws, regulatory response, notification letter content and other issues integral to incident evaluation and response.”

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