XL Catlin has added cyber insurance as an optional coverage to its professional liability insurance for architects, engineers, and other design businesses.
According to Doug Strong, chief underwriting officer for XL Catlin's design professional insurance business, “From laptops to smartphones to interfacing with complex integrated design software, design professionals rely on technology just as much as any industry in their day-to-day project management and client relationship activities. One cyber incident can significantly compromise all that they and their firms have worked hard to build. We've paired up our expertise in both design professional and cyber insurance to deliver coverage to help our clients address today's new and emerging online and technology-driven business exposures.”
“A stolen laptop, a network hack, or random computer virus can create enormous and costly consequences for a design firm's practice and reputation,” added Joe Reynolds, XL Catlin's design professional executive underwriter. “With cyber exposures growing exponentially, making this suite of contemporary cyber coverages available as part of our design professional liability policy is a convenient and timely enhancement.”
The company said in a statement that its cyber suite for design professionals coverage, with dedicated policy cyber limits, available under its design professional liability policy form, offers design professional firms:
• Privacy and network security liability insurance protection to address a variety of scenarios, including:
- Loss of or failure to protect personally identifiable information and confidential business information such as proprietary drawings, designs, customer requirements, and specifications;
- Violation of any privacy or date breach reporting laws or regulations;
- Wrongful acts of rogue employees; and
- Transmission of malware to third parties.
• Data breach response coverage to address associated costs such as:
- Voluntary notification to breach victims;
- Forensic investigations;
- Extortion incident costs and payments; and
- Providing credit and identity protection and restoration services.
• Supplementary payments coverage to address costs associated with:
- Crisis event expenses; and
- Administrative and regulatory expenses.
XL Catlin said that its new cyber suite for design professionals also offers access to a dedicated 24/7 data breach hotline and other cyber management resources available on XL Catlin's design professional's learning management system.
Learn more: xlcatlin.com.