Healthcare providers insured by Markel now have access to a free DataBreach endorsement.
The new endorsement covers liability resulting from a compromise of confidential patient information and the associated costs. These costs can include notification expenses, credit monitoring and data restoration with limits up to $50,000.
Medical facilities face a variety of cyber exposures, including unauthorized access to patient data from hackers and lost back-up tapes.
“With the addition of DataBreach, we round out the liability protection provided by our allied medical policy,” said Fran O’Connell, Markel’s managing director of medical underwriting.
In some cases, this endorsement may be the first step for a healthcare provider to move to a policy with more coverage. If so, the Virginia-based carrier will work with an insured to transition from the endorsement to a standalone policy.
“We will honor the retro date if the insured takes a year or two before deciding to purchase a monoline policy after purchase of the endorsement,” said Jake Kouns, Markel’s director of cyber security and technology risks underwriting.
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