Markel has updated its DataBreach cyber liability policy amidst recent reports of increased hacking activity.
The new form will offer broader coverage and higher limits while maintaining the current structure, which is targeted towards small to medium-sized accounts. The Breach Mitigation Expense coverage has been expanded in two areas. First, the amount of coverage automatically included in the policy has increased to $250,000, while remaining outside of the limit of liability and not subject to a deductible or co-pay obligation. The second enhancement to the breach mitigation expense coverage is the inclusion of data compromise at a third party or outside vendor.
Markel will continue to offer the option to purchase higher breach mitigation expense coverage. Other policy enhancements include a $250,000 dedicated fines or penalties sublimit, forensic costs specifically included in the first party coverage option, and available policy limits as high as $10 million.
Target classes include medical facilities, insurance agencies, regional banks, and Internet-based companies; however, underwriters welcome submissions for all classes.
Jake Kouns, Markel’s director of cyber security and technology risks joins Inga Goddijn, Markel’s managing director of Miscellaneous E&O, in leading the Markel DataBreach product line team. Kouns joined Markel in 2005 in Information Security and has more than 10 years experience in information systems.
Markel DataBreach coverage is accessible through Markel’s network of appointed wholesale brokers.
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