NEW YORK, July 17, 2012 (GLOBE NEWSWIRE) -- Hiscox, the specialist insurer, today announced that it has launched a new suite of technology products to address the growing technology, privacy and cyber risks facing businesses globally. A differentiator for Hiscox has always been the breadth of its coverage for breach of contract and intellectual property exposures, representing over 80% of all technology claims handled by Hiscox in recent years...these remain key features of the new portfolio. While many insurance providers exclude these exposures, Hiscox affirmatively covers them in their technology product, which provides up to $10 million in coverage for US-based businesses. As a pioneer in this space, Hiscox has provided technology errors and omissions coverage to thousands of clients for over 15 years.
"The risk profile for a business has changed dramatically in recent years, whether you are a provider of technology products and services or simply a consumer of them," said Jim Whetstone, US Technology and Privacy Manager at Hiscox. "Our philosophy continues to be, where your contract can't protect you, your insurance should. As evidenced by our claims statistics, too many forms exclude the very elements of coverage our policyholders need the most."
The Hiscox Technology portfolio has eight individual modules:
- Technology Protection: Designed for technology companies, this module provides affirmative breach of contract coverage that is not available under most standard technology errors and omissions forms, in addition to the more traditional negligence coverage
- Privacy Protection: Coverage for the costs to defend and resolve claims related to the handling of a breach of personally identifiable or confidential corporate information
- Breach Cost: Coverage for the costs to respond to a data breach, whether required by law or when it's the right thing to do
- Cyber Business Interruption: Compensation for hacker related losses
- Hacker Damage: Reimbursement for the costs of repair or replacement of digital assets
- Cyber Extortion: Assistance from a security risk firm in handling the situation as well as any final ransom paid to minimize disruption
- Miscellaneous Protection: Complementary Miscellaneous Professional Liability coverage for technology companies with blended professional services
- Multimedia Protection: Costs to defend and resolve claims which arise out of online content, including social media
"With the assistance of our brokers, we developed this suite of products to make this complex coverage easier to understand while still providing the broad, meaningful coverage they have come to expect from us," added Whetstone. "It was critical that we make the product clear and simple for brokers and our clients."
Hiscox is a global provider of technology and privacy coverage. In the US, Hiscox offers a diverse portfolio of commercial, professional liability and specialty insurance products, and has offices in New York, NY; White Plains, NY; Atlanta, GA; Chicago, IL; Los Angeles, CA; and San Francisco, CA. Additional information can be found at www.hiscoxusa.com/broker.
About Hiscox in the US
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox ASM Ltd, Hiscox Underwriting Ltd and Hiscox Syndicates Ltd are authorized and regulated by the UK Financial Services Authority. The ability of syndicates at Lloyd's to do business in the USA, and its territories, is restricted as they are not US-based insurers.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. (NAIC Number 10200) is a Chicago, IL domiciled insurer, which is admitted or licensed to do business in all 50 states and the District of Columbia.
Inquiries as to insurance or other products or services should be directed to an insurance agent or broker licensed to conduct business in the relevant US state. For further information about an insurer's ability to do business in the USA and US territories please contact a licensed agent or broker for advice.
This communication provides general information on Hiscox's products and services only and is not intended to be, and does not constitute, a solicitation of business by syndicates at Lloyd's from or in respect of the USA or US territories. Coverages are subject to underwriting and may not be available in all states. The information contained herein is not a part of an insurance policy, and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.