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ACE Express Private Company package expanded to provide new cyber
offering
PHILADELPHIA--(BUSINESS WIRE)--
Although many headline-grabbing cyber attacks focus on public companies,
private and not-for-profit organizations face just as much risk —
sometimes more, because they are seen as easier targets. In response to
these growing threats, ACE Group today announced the launch of a new
coverage component for the ACE
Express® package policy. Specifically designed to protect
private and not-for-profit organizations from the modern-day perils of
managing a company, the updated package policy enables insureds to
purchase privacy and network liability coverage in a single policy with
their Directors & Officers (D&O), Employment Practices Liability (EPL),
Fiduciary, and Crime insurance.
With this comprehensive solution, insureds can customize a program that
best addresses their exposures, and are able to add coverages to their
package as their businesses evolve. The privacy and network liability
coverage section was designed to address new and emerging privacy
concerns, granting insureds access to the same experts and award-winning
Loss Mitigation Services that accompany ACE’s other industry-leading
cyber solutions.
“According to Symantec’s
2015 Internet Security Threat Report, 317 million new pieces of
malware were created in 2014 — that’s nearly 1 million new threats every
day. A single breach can have serious repercussions that ricochet
throughout the organization, causing irreparable damage to its
reputation, business and balance sheet. With this kind of emerging risk,
all companies must operate with the assumption that an attack will
happen and proactively prepare to address it,” said Keith Lavigne,
Executive Vice President, ACE Professional Lines. “ACE has handled data
breach incidents and underwritten exposures for more than 15 years. By
combining privacy protection coverage with our existing management
liability offerings, we’re providing our policyholders with a simple
solution to help protect and lead their organizations with confidence.”
By bringing together the underwriting expertise of ACE’s wholesale and
retail professional and management liability businesses, ACE is able to
provide a single product offering that combines the features and
benefits of this product to its clients. The updated ACE Express®
package policy offers the following benefits:
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Privacy liability coverage, covering losses arising from an
organization’s failure to protect sensitive personal or corporate
information in any format, as well as regulatory proceedings brought
by a government agency.
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Network security liability coverage, covering the liability of the
organization arising from the failure of network security, including
unauthorized access or use of corporate systems, a denial of service
attack, or transmissions of malicious code.
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Data Breach Fund coverage, covering expenses associated with legal
oversight, forensic investigations, notification costs and credit
monitoring for impacted individuals, and crisis management services.
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Access to ACE’s Data Breach Team, an independent panel of specialists
in the legal, computer forensics, notification, call center, public
relations, fraud consultation, credit monitoring, and identity
restoration service areas who have the capabilities and experience to
help organizations and businesses execute their data breach response
when information is lost or compromised.
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Free access to the eRisk Hub®, a web-based loss mitigation
resource designed to help policyholders stay abreast of best practices
and regulatory guidelines and prepare detailed, comprehensive response
plans.
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Capacity up to $25 million.
Product highlights are summaries only; please see the actual policy for
terms and conditions. Insurance policies are issued by Westchester Fire
Insurance Company or its affiliates. Surplus lines products can only be
offered through licensed surplus lines producers. All products may not
be available in all states.
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident supplemental
health insurance, reinsurance, and life insurance to a diverse group of
clients. ACE Limited, the parent company of ACE Group, is listed on the
New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500
index. Additional information can be found at www.acegroup.com,
or follow ACE on Twitter, https://twitter.com/ACEGroupNA.
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Source: ACE Group