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.
- Includes coverage for legal fees and computer forensic costs in the event of a security or privacy breach
- Regulatory fines and penalties included under Security Event Costs and PCI assessment coverage available by endorsement
- Customer Notification Expenses include legal expenses, credit monitoring, postage and advertising
- Comprehensive interruption expenses coverage, including income loss
- Coverage for Damages to third parties caused by a breach of network security
- Definition of claim includes a demand for monetary and non-monetary damages
PHLY's Cyber Product Manager, Evan Fenaroli, explains how agents can handle growing demand for Cyber insurance and what the major cyber concerns are for businesses today.