Endorsement adds 1st party coverage for BI and cyber extortion
Jennifer Schoenthal, U.S. underwriting lead for Virtual Care. (Credit: Beazley plc.)
Specialist insurer Beazley has enhanced its Virtual Care insurance policy in the United States to offer greater protection for the providers of technology-enabled healthcare and lifestyle management services.
The rapidly growing global digital health market is estimated to reach a value of $504 billion by 20251 and includes telehealth, which enables remote medical diagnosis and monitoring, and m-health, which permits self-monitoring of chronic conditions via apps and wearables, through to a range of lifestyle and wellness technology.
With the addition of the new Surge endorsement, Beazley can now provide first-party coverage for direct financial loss arising from:
eCrime including fraudulent instruction, funds transfer and telephone fraud
Business interruption loss from security breach or system failure
Dependent business interruption loss from security breach or system failure
Data recovery loss
Cyber extortion loss
Cryptojacking including the unauthorized access or use of computer systems to mine for digital currency.
This is in addition to the extensive coverage already in place within Beazley Virtual Care, including professional liability (medical malpractice) and a wide range of other third-party coverages. The policy is available for worldwide risks across all 50 states on a surplus lines basis and provides integrated insurance for healthcare providers that would otherwise have had to buy multiple policies to protect themselves and their clients from potential risks.
Jennifer Schoenthal, U.S. underwriting lead for Virtual Care, said: “Backed by specialist claims expertise, Virtual Care’s Surge endorsement provides additional first-party cover for cyber crime and the subsequent business interruption that can floor businesses and slow their recovery. As risks are always evolving, we’ve also included protection against crypto-jacking, which can leave firms with exorbitant electricity bills and sluggish systems if their IT is breached by crypto-mining cyber criminals.
“Beazley Virtual Care brings together our global expertise in underwriting medical malpractice, errors & omissions and privacy coverages to deliver extensive protection that helps our clients avoid the risk of coverage gaps and supports their evolving businesses.”
Source: Company Press Release