View this article online: https://www.insurancejournal.com/news/national/2016/08/16/423338.htm
Zurich Insurance has expanded its cyber insurance product to companies and their captives to protect against risks associated with data security breaches including cyber-related breaches.
Zurich’s Security and Privacy Protection policy is now available to companies and their captives to cover the costs associated with a data breach, including: business income loss; dependent business income loss; notifying regulatory authorities and affected individuals; regulatory fines; media liability; and defense and settlement.
Captive customers who purchase the cyber product have the access to The Zurich Service Corporation’s risk engineering team, which is focuses on cyber-related issues. Resources are also provided to qualified customers for breach coaching and employee training to help build awareness of local regulations.
Captive structures can be flexible based on a customer’s needs and can include risk-sharing structures with quota share layers or primary and/or excess programs.
Zurich Insurance Group is a leading multi-line insurer that serves its customers in global and local markets, providing a range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries.