Allied World US, a subsidiary of Allied World Assurance, has launched a new privacy and network security insurance product, Privacy//101.
The insurer said the insurance product is designed for small to mid-size companies, law firms, healthcare and other organizations.
The solution provides protection in the event of a data breach involving lost or stolen private information, whether paper or electronic.
According to the Allied World, the Privacy//101 will provide coverage for costs associated with a privacy data breach including: any associated credit monitoring costs; third-party financial claims, including legal fees and fines and penalties; public relation expenses; and retaining a data forensic expert if necessary.
In addition, as part of the strategic risk management relationship with the law firm Hogan Lovells, insureds will receive a copy of their ‘Guide for Data Security Breach Preparedness and Response’.
Allied World added that the Privacy//101 quotes will be available on a direct submission basis or can be included with a quote for most lines of business written by Allied World US including private and not-for-profit management liability, lawyers professional liability, miscellaneous professional liability, insurance agents professional liability and general and multi-line casualty coverage.