To include the portion of a monetary judgment or settlement with a regulatory authority, used to fund the payment of consumer or patient claims
Markel Corporation, a US-based Insurance agency underwriting specialty insurance products and programs, has launched endorsements to its DataBreach and InfoPro policy forms.
The endorsement expands the damages to include the portion of a monetary judgment or settlement with a regulatory authority, used to fund the payment of consumer or patient claims.
There is no sub-limit on this grant or on the defense of data privacy regulatory proceedings, said the company. It covers all data privacy regulations, including the recent 2009 HITECH Act, which expands HIPAA medical data privacy provisions and FTC RED Flag rules.
The coverage is applicable to a long suite of perils including misuse of access by employees, theft or loss of computer hardware and theft or loss of paper records. It comprises FishNet Security computer forensic and incident response services as part of the claim process when an insured suffers a breach.