Allied World Assurance Company Holdings, AG has introduced Allied World U.S.’s new privacy and network security insurance product, Privacy//101. Designed for small to mid‐size companies, law firms, healthcare and other organizations, Privacy//101 provides protection in the event of a data breach involving lost or stolen private information, whether paper or electronic.
Privacy//101 provides coverage for costs associated with a privacy data breach including: notification to all individuals whose private information has been lost or stolen; any associated credit monitoring costs; third‐party financial claims, including legal fees and fines and penalties; public relation expenses; and retaining a data forensic expert if necessary. In addition, as part of its risk management relationship with the law firm Hogan Lovells, insureds receive a copy of their Guide for Data Security
Breach Preparedness and Response.
“All businesses and organizations, regardless of their size, have privacy exposures if they maintain or send personal information. These exposures require insurance products which combine coverage with tools and services that enable an insured to protect their assets,” said Gordon Knight, president, Allied World U.S.
Adam Sills, vice president, Privacy Practice lead adds, “In 2010, identity theft was the most frequent consumer complaint received by the Federal Trade Commission. With most states requiring a business or organization to take some type of action when it becomes aware that personal information has been lost or stolen, the need for privacy liability protection is no longer limited to large credit card processors, healthcare organizations and international banks. Privacy and network security insurance has emerged as a crucial component of the insurance portfolio for all businesses and organizations.”
Privacy//101 quotes are available on a direct submission basis or can be included with a quote for most lines of business written by Allied World U.S. including private and not‐for‐profit management liability, lawyers professional liability, miscellaneous professional liability, insurance agents professional liability and general and multi‐line casualty coverage.
Limits are available up to $1 million and pricing starts at $300.
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