XL Catlin has introduced a new policy form that, it said in a statement, addresses the rapidly expanding and ever evolving exposures of cyber and technology risk.
According to John Coletti, chief underwriting officer for XL Catlin's cyber and technology group in North America, “Data breaches and cyber threats are increasing in both magnitude and sophistication, as most recently evidenced by Petya and Wannacry.
“Our daily lives are changing in response to new technologies and business models. While advancements in technology services and products may simplify our personal and professional lives, they also create new exposures, previously not contemplated. As a result, our cyber and technology errors and omissions insurance coverage provides broad coverage to protect against these unprecedented risks.
“We're committed to making sure our cyber insurance coverage addresses our clients' changing technology and unique risk profile,” said Mr. Coletti. “Our new policy is distinguishable from the competition as it provides more effective resources and latest policy terms to help clients thwart the growing threats associated with the threat of cyber risk.”
XL Catlin said that its new policy form includes:
• All third party insuring agreements now provide expanded coverage for wrongful acts committed by rogue employees, outsourced providers, and third parties for whose third party wrongful act an insured is legally responsible.
• Business interruption coverage applies after a waiting period while extra expense is excess of a dollar retention.
• The reimbursement period for losses arising from a data breach or cyber-security breach is 18 months.
• Unlimited reimbursement period for loss of business income. Expanded definition of “outsourced provider” to include any third party contracted to perform any business service on behalf of an insured company.
The new policy form “provides broad coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs following a technology or cyber event,” XL Catlin added. “Coverage is tailored for businesses across various industries and technology companies. Several breach preparedness tools are available via our online resource – www.cyberriskconnect.com – as well as through XL Catlin's preferred vendor network.”
Learn more: xlcatlin.com.