View this article online: https://www.insurancejournal.com/news/national/2012/02/07/234476.htm
EMC Insurance Companies launched a new data compromise and identity recovery product at the start of February.
The organization touts this as one of only a few products that offers this kind of coverage. The product was designed for small and midsize businesses and provides identity recovery for key individuals. It also includes cost mitigation for notification and potential legal action, reputational risk management and first- and third-party coverage.
“We developed this innovative coverage to meet our insured’s most relevant needs,” said Mick Lovell, EMC’s vice president of business development. “In the event of a personal data breach, we provide those affected with assistance and recovery on all fronts, including a toll-free help line, credit monitoring and identity restoration case management.”
This product combines data compromise and identity recovery into one streamlined product, which is offered at various coverage limits and responds immediately when the insured suffers a data breach.
Response expenses coverage offers insureds a legal and forensic information technology review of the breach, notification to affected individuals and services for the affected individuals that include a toll-free help line, credit monitoring and identity restoration case management.
Defense and liability coverage includes data compromise defense and data compromise liability in the event of affected individuals suing the insured. There must first be a covered loss under the response expenses coverage before defense and liability coverage becomes effective.
Identity recovery coverage provides key individuals within the insured organization with expense reimbursement and case management services necessitated by an identity theft. Expenses include various legal costs, lost wages, child and elder care costs, mental health counseling and other miscellaneous costs.
Insureds who are victims of covered identity thefts are assigned a case manager to provide them with identity recovery services, including letter writing, phone calls, credit report requests, follow-up and record keeping.
This coverage is not available in all states, but local branches of the Des Moines, Iowa-based carrier can provide availability information. EMC has assets of approximately $3 billion through 16 branch offices and five service offices across the country.