Connecticut-based Darwin Professional Underwriters, Inc. is offering insurance coverage for health care organizations, financial institutions, and other businesses that utilize data as part of their daily business practices. Darwin’s Privacy//403 product offers data privacy and network security liability protection, targeting the health care and financial services industries in particular — as they are increasingly using, transmitting, and storing personal and confidential information.
The product integrates four insurance elements including data privacy, network security liability, media liability; and Darwin’s brand new coverage for first-party business interruption costs such as forensic investigative expense, data restoration, extra expense and reduction in business income.
“Even sophisticated data protection systems can be vulnerable to privacy breach and data loss,” says Adam Sills, Privacy//403 lead underwriter and product manager. “These exposures can arise from a variety of events, including merely the loss or theft of a laptop. This is why privacy insurance is such a growth area in the E&O insurance market today.”
Darwin has also partnered with the law firm Pepper Hamilton, which specializes in the privacy and security liability field, to provide policyholders with risk management advice and loss control education.
Source: Darwin Professional Underwriters, Inc.
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