Published: August 19, 2013
Benefits of the Program
Philadelphia Insurance Companies’ Cyber Security Liability program provides both First and Third Party coverage for numerous classes of business. Through eight Insuring Agreements, a wide range of cyber liability exposures are addressed. Coverage is available nationwide on either an admitted or non-admitted basis.
- Definition of claim includes a demand for monetary and non-monetary damages
- Comprehensive interruption expenses coverage
- Coverage for Damages to third parties caused by a breach of network security
- Customer Notification Expenses include legal expenses, credit monitoring expenses, postage and advertising costs
Top Ten Reasons why you should purchase Cyber Liability Insurance.
- First and Third Party protection in a comprehensive coverage form
- First Party coverage includes Loss of Digital Assets, Non-Physical Business Interruption and Extra Expense, Cyber Extortion, Cyber Terrorism, and Security Event Costs
- Third Party coverage includes Network Security and Privacy Liability, Employee Privacy Liability, and Electronic Media Liability
- Covered Cause of Loss includes administrative or operations mistakes
- Breach of Privacy coverage – includes damages resulting from alleged violations of HIPAA, state, federal, and foreign privacy protection rules
- Customer Breach Notice Expense and coverage (via sub-limit)
- Public Relations Expense coverage
- Most favorable wording for punitive or exemplary damages
- Electronic media peril broadly defined to include infringement of domain name, copyright, trade name, slogan, service mark on the internet or intranet site
- Comprehensive Interruption Expenses coverage