Marsh Inc. and the Chubb Group of Insurance Companies formed a new insurance program suited to give protection to emerging small and mid-sized businesses in the fight against a variety of liabilities related to usage of the Internet and other e-commerce applications.
Known as Safety’Net Secure (SM), the program allows up to $5 million of protection for liabilities, which can include copyright violations; breaches of privacy, such as the exposure of credit card or other personal information; and the infringement of trademarks and other means of intellectual property. Chubb Specialty Insurance, a unit of the Chubb Group, is underwriting the program.
The program will also provide protection against liability and legal defense fees that relate to systems security breaches, or “hacker” attacks, and the ensuing loss of information, denial of such service attacks, movement of viruses, and unauthorized access to, and use of, computer systems.
The policy will most notably provide protection of Internet-related regulatory actions, to include state enforcement actions which allege privacy law violations, along with punitive or exemplary damages when insurable by law.
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