The Hood Hargett Cyber Security Liability program provides both First and Third Party coverage for numerous classes of business. Through eight (8) Insuring Agreements, a wide range of cyber liability exposures are addressed.
Benefits
• Policy limits up to $5,000,000 available
• Enterprise product solution providing both First and Third party coverages, including:
1. First Party Protection, with Loss of Digital Assets coverage, Non-Physical Business Interruption, Extra Expense, Cyber Extortion, Cyber Terrorism and, Security Event Costs.
2. Third Party Protection with Network Security and Privacy Liability, Employee Privacy Liability and, Electronic Media Liability
Coverages.
• Coverage for damages to third parties caused by a breach of network security
• Coverage for loss resulting from administrative or operational mistakes – extends to acts of the employee, business process outsourcing (BPO) or outsourced IT provider
• Breach of Privacy coverage – includes damages resulting from alleged violations of HIPAA, state and federal privacy protection laws and regulations
• Customer Notification Expenses Coverage (via sub-limit) – reimburses for costs to notify and provide 12 months of
• Coverage for acts of a rogue employee causing intentional damage to the Insured’s computer network
• Public Relations Expenses coverage available to repair insureds reputation as a result of a data breach
• Customer Notification Expenses include legal expenses, credit monitoring expenses, postage and advertising costs
• Privacy Breach definition extends to acts of the Insured and acts of a service provider acting on behalf of the Insured
• Most favorable venue wording for punitive or exemplary damages
• Definition of claim includes demand for monetary and non-monetary damages or request to toll applicable statutes of limitations
• Cyber Extortion reimbursement costs for a range of perils including a credible threat to introduce malicious code, pharm and phish customer systems or to corrupt, damage or destroy the Insured’s computer system
• Electronic Media peril broadly defined to include infringement of domain name, copyright, trade name, slogan, service mark on internet or intranet site
• Interruption expenses include additional costs associated with rented/leased equipment, use of third party services, additional staff expenses or labor costs directly resulting from a covered Loss of Digital Assets claim
• Personally identifiable information (PII) broadly defined to include an individual’s name in combination with social security number, driver’s license number, account number, credit or debit card or any non-personal information as defined in any privacy regulation
• Knowledge provision includes President, Executive Officer, Chairman, Chief Information Officer, Chief Technology Officer, Risk Manager or General Counsel Crisis Management Enhancement Endorsement
Download our Cyber Security Liability Quick Indication Worksheet
Ten Reasons to Choose Hood Hargett For Cyber Security Liability
1. First and Third Party protection in a comprehensive coverage form
2. First Party coverage includes Loss of Digital Assets, Non-Physical Business Interruption and Extra Expense, Cyber Extortion, Cyber Terrorism, and Security Event Costs
3. Third Party coverage includes Network Security and Privacy Liability, Employee Privacy Liability, and Electronic Media Liability
4. Covered Cause of Loss includes administrative or operational mistakes
5. Breach of Privacy coverage – includes damages resulting from alleged violations of HIPAA, state, federal and foreign privacy protection rules
6. Customer Breach Notice Expense and coverage (via sub-limit)
7. Public Relations Expense coverage
8. Most favorable wording for punitive or exemplary damages
9. Electronic media peril broadly defined to include infringement of domain name, copyright, trade name, slogan, service mark on the internet or intranet site
10. Comprehensive Interruption Expenses coverage