Liberty Mutual Insurance has launched cyber coverages on its commercial package products and monoline general liability policies for small- to mid-sized businesses. The new Data Security endorsement provides four optional coverages, each with separate and varying aggregate limits, sub-limits, and deductibles, allowing agents to tailor coverage to their customers’ specified needs. They include:
- Data Compromise Response Expense: Provides first-party coverage for expenses resulting from a data breach, including customer notification, legal review, forensic IT review, public relations services, and credit monitoring services. Coverage also extends to regulatory and payment card industry fines and penalties where insurable by law.
- Data Compromise Defense and Liability: Offers third-party liability and legal defense of a suit brought as a result of a breach of personal information. A $50,000 sub-limit exists for suits and damages from a breach caused by malicious code. Availability of these coverages is contingent on the selection of Data Compromise Response Expense.
- Attack and Extortion: Provides first-party coverage for expenses associated with repairing, re-creating and restoring data and systems to their states prior to a breach. Extortion covers the cost to hire a negotiator or the amount a business may have paid in response to an extortion threat to launch a denial of service attack.
- Network Security Liability: Provides third-party liability and defense for losses resulting from a breach of confidential business data owned by a third party. The coverage also extends to the unintentional forwarding of malware to others.
All four coverages available with the Data Security endorsement offer aggregate limits up to $1 million with deductibles varying between $2,500 and $10,000 per coverage. The Data Security endorsement as well Data Compromise and CyberOne endorsements for the company’s BOP product are available exclusively on Liberty Mutual’s eCLIQ policy administration and quoting platform.
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