XL Catlin has introduced CyberRiskConnect, a new policy form to address the expanding exposures of cyber and technology risks.
According to John Coletti, chief underwriting officer for XL Catlin’s Cyber & Technology group in North America, the new policy provides resources and the latest policy terms to help clients thwart the growing threats associated with the threat of cyber risk.
- All third party insuring agreements now provide expanded coverage for wrongful acts committed by rogue employees, outsourced providers and third parties for whose third party wrongful act an insured is legally responsible.
- Business interruption coverage applies after a waiting period while extra rxpense is excess of a dollar retention.
- The reimbursement period for losses arising from a data breach or cyber-security breach is 18 months.
- Unlimited reimbursement period for loss of business income. Expanded definition of “outsourced provider” to include any third party contracted to perform any business service on behalf of an insured company.
CyberRiskConnect provides broad coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs following a technology or cyber event.
Coverage is tailored for businesses across various industries and technology companies. Several breach preparedness tools are available via XL’s online resource site as well as through XL Catlin’s preferred vendor network.
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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