Allied World Assurance Co. Holdings said Allied World U.S. has released a new cyber insurance product for liability and expenses associated with the compromise of sensitive information and information systems during a data breach.
Privacy//403 SRVS (a Specified Response Vendor Solution) offers coverage for privacy, network security and media liability exposures, including full limit coverage for regulatory defense, fines and penalties. 
“What sets this product apart in the market is that Allied World offers a specified vendor approach providing access to industry-leading breach response specialists,” said Joshua Ladeau, practice lead – Privacy & Network Security, Professional Services.
Allied World said vendors include Lewis Brisbois, AllClearID, and NetDiligence.
“Our vendors have successfully handled thousands of breaches; they will provide policyholders with immediate, proactive assistance in navigating through the complex labyrinth of privacy laws, regulatory response, notification letter content and other issues integral to incident evaluation and response,” added Ladeau.
There is an additional limit for notification and credit monitoring costs that will be capped at an insured-specified number of individuals that is offered as a pay-on-behalf coverage. Insureds also have first dollar coverage for incident evaluation and breach consultation services. The policy also offers supplemental privacy coverages (all available at full policy limits) including public relations expenses, data forensics expenses, network extortion coverage and international notification.
Al Fantuzzi, senior vice president, professional liability, added, “Privacy breaches remain a real threat to companies that store client and employee data in information systems. In the event of a breach, Privacy//403 SRVS provides real-time assistance for our clients with immediate access to topflight vendors to help them to stay compliant with response timelines established by statute.”
Josh Ladeau can be contacted at (860) 284-1654 or [email protected], or visit our website at www.alliedworldinsurance.com/privacy403.
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