Bermuda-based Endurance Specialty Holdings Ltd. announced that it has enhanced its Endurance Premier Professional product with Endurance CyberWrap, which it described as an “additional Side A Directors and Officers (D&O) liability coverage.”
The coverage would apply to non-indemnified D&O losses triggered by a privacy breach or other network security failure. The endorsement provides primary D&O coverage where there is no program in place and provides specific excess protection over existing D&O coverage. The endorsement is available to both public and private companies with revenues up to $500 million.”
Endurance Pro Executive VP Dan Wadley commented: “Endurance is committed to developing world class capabilities and innovative products to protect our clients from the increasing frequency and severity of network and data breach incidents. We are pleased to introduce CyberWrap, our latest security and privacy offering. By adding a D&O liability component, CyberWrap further strengthens the professional and cyber liability protection offered under our Endurance Premier Professional form.”
Endurance Pro Sr. VP Brad Gow added: “Recent events have demonstrated that directors and officers are not immune to privacy related litigation. We have seen a number of lawsuits filed against directors and officers for, among other things, breaches of fiduciary duty and the waste of corporate assets related to high profile network security failures. Endurance CyberWrap provides Side A protection in the event of a security breach and can be used to complement in force D&O coverages.”
Source: Endurance Specialty Holdings Ltd.