Rockwood Programs, a US-based provider of software tools for insurance agents, has added cyber liability to its management and professional liability products portfolio.
Cyber liability can either be added to an existing Rockwood account as an endorsement with a separate sub-limit or can also be purchased on a stand-alone basis for risks seeking higher limits.
Rockwood Programs president Glenn Clark said, the company’s clients have become increasingly aware of their cyber liability and data breach exposures — especially those who transact business regularly through the internet.
"We partnered with Certain Underwriters at Lloyds, London to craft a solution that offers real insurance protection without requiring our customers to undergo a lengthy and intrusive application process," Clark added.
Rockwood said that cyber liability limits of up to $1m are available through endorsement on its existing accounts with a sub-limit on first-party coverage applies.
Glenn concluded that the plan is designed to offer meaningful protection from both a first and third party perspective.
"Notification, credit monitoring, forensic analysis, and related costs incurred by our clients due to a cyber loss are covered by the product."