Allied World North America, part of Allied World Assurance, has introduced Privacy and Network Security insurance product, Privacy//101, in the Canadian market.
The product has been designed for small to mid-size companies, including law firms, healthcare and other organizations, to provide comprehensive protection in the event of a data breach involving lost or stolen private information, whether paper or electronic.
Allied World professional lines senior vice-president Kent Paisley said: "We continue building a world-class specialty insurance business in the Canadian marketplace and the release of the Privacy//101 product is our latest initiative.
"The product has been very successful for our US clients and we are pleased to now offer this product in Canada. All businesses that store employee and client information are at risk for privacy exposures and we aim to help our customers mitigate that threat."
The Privacy//101 offers coverage for costs associated with a data breach, including the costs of notification to all individuals whose private information has been lost or stolen, associated credit monitoring costs, public relations expenses and costs incurred by the insured to retain a qualified data forensics firm.
In addition, it provides coverage for third-party financial claims, comprising legal fees and expenses incurred by the insured, and fines and penalties assessed pursuant to Canadian federal and provincial law.
Allied World, through its subsidiaries, offers property, casualty and specialty insurance and reinsurance solutions.
Image: Allied World has launched Privacy and Network Security insurance product in Canada. Photo: courtesy of Stuart Miles/FreeDigitalPhotos.net.