Beecher Carlson Insurance Services has announced a new cyber liability and data-breach response coverage called CyberSelect.
“Data breaches are becoming more and more prevalent, and the size and associated costs can be staggering,” said John Kerns, executive managing director of Beecher Carlson. “CyberSelect offers comprehensive coverage with primary limits available up to $50 million so companies will not have to question whether their policy fully or partially responds.”
The specialized large-account insurance brokerage said the product is the most comprehensive coverage available in the market. It includes business interruption and extra-expense at full policy limits and extends coverage for “contingent” business interruption and extra expense to the insured as a result of acts of third party vendors.
CyberSelect eliminates the need to gain consent from the insurer to hire legal experts, forensic accountants and public relations consultants which allows a rapid response to a data breach. It can also provide full policy limits for costs arising out of any regulatory investigation by a regulatory authority or the Payment Card Industry Security Standards Council including card company fines, penalties and assessments, as well as credit card reissuance costs.
It contains media liability coverage for all publications, including false advertising through electronic or written means, as well as the ability to add professional liability to the coverage.
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