Berkshire Hathaway Specialty Insurance (BHSI) has unveiled its Professional First Network Security & Privacy Liability Policy in Canada. The product combines cyber liability and breach response coverage with risk management resources for commercial enterprises and financial institutions.
The Professional First Network Security & Privacy Liability Policy offers coverage and crisis management services for large commercial enterprises and a wide range of financial institutions, including credit unions, banks, asset managers, and insurance companies.
Policy highlights include:
- Coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties.
- Breach expense and extortion threat coverage, addressing the direct expenses an Insured incurs to effectively respond to a breach or extortion threat.
- Media liability coverage, which responds to traditional media exposures (e.g. through a company’s website) arising from electronic content.
- Business interruption coverage to pay lost income and related expenses incurred as a result of the Insured’s partial or full business interruption due to a network security failure.
- Online access to eRiskHub tools and resources to help policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization. eRiskHub is provided via NetDiligence, a cyber security and e-risk assessment firm.
BHSI policyholders also have access to legal experts to help them manage their obligations following a breach, forensic IT services to identify and contain a breach, and public relations and credit monitoring firms to manage the reputational damage that can accompany an incident.
BHSI’s new Network Security & Privacy Liability Policy is the latest addition to its Professional First suite of professional liability products for financial and commercial firms.
Berkshire Hathaway Specialty Insurance provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs, medical stop loss, and homeowners insurance. In Canada it underwrites on the paper of National Liability & Fire Insurance Company, a part of Berkshire Hathaway’s National Indemnity group of insurance companies.
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