The American Association of Insurance Services (AAIS) and The Hartford Steam Boiler Inspection and Insurance Co. (HSB) are developing data compromise coverage as an endorsement under the AAIS Businessowners Program and in the electronic data processing section of the AAIS Inland Marine Guide.
The coverage under development is a first-party product that will reimburse expenses incurred when an entity experiences theft or accidental publication of personal information that could be used to commit fraud or identity theft.
Coverage would be provided under a limit that would not extend to any financial losses that an insured’s client might incur. The covered losses include legal services to review the loss, the cost of notifying individuals of losses and services provided to help affected individuals.
AAIS will develop and file the endorsement under its BOP. An essentially equivalent option will be released under the Inland Marine Guide and filed where required.
HSB will be available as a reinsurer and can provide their partner insurers with assistance in underwriting, pricing, and claims-handling.
HSB representatives will discuss this initiative during the inland marine and commercial lines roundtable segments of the AAIS Main Event conference, which will be held April 15-17 in La Jolla, Calif.
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