Consumer Specialties Insurance Company (CSI), a risk retention group serving the specialty consumer products industry, has added a crisis management/cyber risk endorsement to its commercial general liability policy.
The endorsement – which provides a sublimit of $25,000 for crisis management, cyber liability, breach of privacy and security notification protection – is available free of charge to CSI’s participating insureds on policy renewals. Higher limits may be obtained for a nominal added premium.
Specifically, the crisis management and cyber-related coverages provided under the CSI endorsement include:
- Crisis management expenses coverage.Addresses expenses incurred when media reports associated with a “material event” (such as public disclosure of lawsuits, product recalls, network attacks, chemical spill, etc.) lessen public confidence in an insured firm or its products. Such expenses include public relations, legal and/or crisis management expenses incurred with insurer approval to mitigate fallout from any negative event that might impact a CSI insured.
- Network extortion coverage.Provides reimbursement for amounts paid to third party to avert, prevent or stop a network extortion occurring during the policy period. Covered attacks include unauthorized access, receipt of malicious software, such as “ransomware,” and denial of service.
- Breach notification and credit monitoring coverage.Provides reimbursement for costs incurred for notification to third parties or credit monitoring services arising from a breach of privacy or security. Vendor selected to provide such services must be approved by CSI.
Consumer Specialties Insurance Company (Risk Retention Group) is the exclusive partner of the Consumer Specialty Products Association, which represents the household and institutional products industry.
CSI, a non-assessable Risk Retention Group, provides liability coverage for the chemical specialty industry and chemical distributors. CSI is domiciled in Vermont and is regulated by the Vermont Department of Banking, Insurance, Securities & Health Care Administration.
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