Allied World U.S. Launches New PRIVACY//403 SRVS℠ Coverage Solution
April 03, 2014 at 10:00 AM EDT
Allied World Assurance Company Holdings, AG announced today that Allied World U.S. has launched Privacy//403 SRVS℠, a Specified Response Vendor Solution (SRVS) policy to provide comprehensive coverage for liability and expenses associated with the compromise of sensitive information and information systems, in the event of a data breach.
The Privacy//403 SRVS policy offers coverage for privacy, network security and media liability exposures, including full limit coverage for regulatory defense, fines and penalties. There is an additional limit for notification and credit monitoring costs that will be capped at an insured-specified number of individuals that is offered as a pay-on-behalf coverage. Insureds also have first dollar coverage for incident evaluation and breach consultation services. Privacy//403 SRVS also offers supplemental privacy coverages (all available at full policy limits) including public relations expenses, data forensics expenses, network extortion coverage and international notification.
“What sets this product apart in the market is that Allied World offers a specified vendor approach providing access to industry-leading breach response specialists,” said Joshua Ladeau, Practice Lead – Privacy & Network Security, Professional Services. “Our vendors have successfully handled thousands of breaches; they will provide policyholders with immediate, proactive assistance in navigating through the complex labyrinth of privacy laws, regulatory response, notification letter content and other issues integral to incident evaluation and response.”
Key vendors include: Lewis Brisbois Bisgaard & Smith, LLP, AllClearID, and NetDiligence.
Al Fantuzzi, Senior Vice President, Professional Liability, added, “Privacy breaches remain a real threat to companies that store client and employee data in information systems. In the event of a breach, Privacy//403 SRVS provides real-time assistance for our clients with immediate access to topflight vendors to help them to stay compliant with response timelines established by statute.”
For more information on Privacy//403 SRVS, please contact Josh Ladeau, Practice Lead – Privacy & Network Security, Professional Services at (860) 284-1654 or firstname.lastname@example.org, or visit our website at www.alliedworldinsurance.com/privacy403.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World's rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+ by Standard & Poor's and Fitch.
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