XL Insurance, the global insurance operations of XL Group, has launched cyberliabilty protection for Canadian businesses with the local release of its technology insurance products, XL Eclipse and XL EclipsePro.
The coverage offered by the Canadian branch of XL Insurance, XL Eclipse offers cyberliabilty coverage under one policy form, including: network security liability; media content services liability; privacy liability; extortion threat; crisis management; business interruption; credit monitoring; privacy notification costs and regulatory fines.
XL Insurance said that the XL EclipsePro offers cyberliabilty coverages as well as it incorporates technology E&O to address the professional liability needs of technology products and service providers.
XL Insurance technology E&O manager Scott Schleicher said when technology fails or stored data gets into the wrong hands, businesses are susceptible to website disruptions, network breaches, lost data or other technological issues.
XL Insurance tailors a client’s individual coverage to address the specific technology risks of its industry. Given the amount of stored private client information, these coverages have become particularly valuable to service providers such as lawyers, real estate or insurance agents, and medical offices, Schleicher said.