Allied World Assurance Company Holdings AG announced the launch of Allied World North America’s privacy and network security insurance product, called Privacy//101SM, which is tailored for the Canadian marketplace.
Designed for small to mid-size companies, including law firms, healthcare and other organizations, Privacy//101 provides comprehensive protection in the event of a data breach involving lost or stolen private information, whether paper or electronic. The Privacy//101 product in Canada leverages the success of the company’s U.S. product that has been in the market since 2011.
Privacy//101 provides coverage for costs associated with a data breach including: the costs of notification to all individuals whose private information has been lost or stolen; associated credit monitoring costs; public relations expenses, and costs incurred by the insured to retain a qualified data forensics firm. Privacy//101 also provides coverage for third-party financial claims, including legal fees and expenses incurred by the insured, and fines and penalties assessed pursuant to Canadian federal and provincial law.
Kent Paisley, senior vice president, professional lines, said: “The product has been very successful for our U.S. clients and we are pleased to now offer this product in Canada. All businesses that store employee and client information are at risk for privacy exposures and we aim to help our customers mitigate that threat.”
Source: Allied World Assurance Company Holdings AG
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