Darwin Professional Underwriters has introduced its Privacy//403, a new solution for healthcare organizations, financial institutions, and other businesses that utilize data as part of their daily business practices.
Darwin’s Privacy//403 product offers data privacy and network security liability protection for organizations. This coverage will help the healthcare and financial services industries in particular as they are increasingly using, transmitting, and storing personal and confidential information.
The product integrates four critical insurance elements including data privacy, network security liability, media liability; and Darwin’s new coverage for first-party business interruption costs such as forensic investigative expense, data restoration, extra expense and reduction in business income.
Adam Sills, Privacy//403 lead underwriter and product manager at Darwin Professional Underwriters, said: Even sophisticated data protection systems can be vulnerable to privacy breach and data loss. These exposures can arise from a variety of events, including merely the loss or theft of a laptop. This is why privacy insurance is such a growth area in the errors and omissions insurance market today.