The policy provides coverage for numerous exposures, encompassing:
- Third party exposures resulting from security and privacy breaches, including regulatory investigations, fines and penalties;
- A wide range of direct expenses an insured incurs in responding to a breach or extortion threat;
- Media liability exposures; and
- Lost income and related expenses resulting from interruption of the insured’s business due to a network security failure.
The new form was purposefully drafted with clear, concise language, and builds in as standard many coverages traditionally available only by endorsement, BHSI said in a statement.
“We are pleased to round out our Executive & Professional Lines products with comprehensive professional liability coverage for large, complex technology-related risks,” said Michael Densham, head of Executive & Professional Lines, BHSI, Canada.
Geoffrey Kendrick joins BHSI after 11 years at Zurich Financial Services, Global Corporate. At Zurich, he held various underwriting roles of increasing responsibility focusing on professional indemnity and product safety & recall business in offices around the globe. Developing international insurance solutions for large, multinational risks, while addressing the complex and ever changing business, legal and compliance environment is his specialty. Kendrick holds a Bachelor of Arts degree from The University of Western Ontario, King’s College.
He is based in BHSI’s office in Toronto.
Last year, BHSI marked its initial entry into professional lines in Canada with the launch of Professional First Miscellaneous Professional Liability Insurance, geared for large commercial entities, from consultants to property managers.
Source: Berkshire Hathaway Specialty Insurance
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