Allied World U.S. has launched Privacy//403 SRVS, a Specified Response Vendor Solution (SRVS) policy to provide coverage for liability and expenses associated with the compromise of sensitive information and information systems, in the event of a data breach.
The Privacy//403 SRVS policy offers coverage for privacy, network security and media liability exposures, including full limit coverage for regulatory defense, fines and penalties. There is 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. Privacy//403 SRVS also offers supplemental privacy coverages (all available at full policy limits) including public relations expenses, data forensics expenses, network extortion coverage and international notification.
The Allied World offers a specified vendor approach, providing access to breach response specialists that will provide policyholders with immediate, proactive assistance in navigating through the labyrinth of privacy laws, regulatory response, notification letter content and other issues integral to incident evaluation and response.
Key vendors include: Lewis Brisbois Bisgaard & Smith, LLP, AllClearID, and NetDiligence.
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of property, casualty and specialty insurance and reinsurance products.