Berkshire Hathaway Specialty Insurance debuted cyber liability coverage in Australia. Philadelphia Insurance Companies and UCPM will start offering storage tank pollution liability coverage. Both CNA and Everest Insurance have beefed up their umbrella and excess liability coverage.
Berkshire Hathaway Specialty Insurance launched cyber liability insurance in Australia.
Plans call for marketing the coverage to the mid-to-large-tier market segment. BHSI will also tailor coverage for risks ranging from technology enterprises and financial institutions to law firms and healthcare providers.
The new cyber liability policy will cover business interruption and third party liabilities stemming from data breach and rectification costs, and also emergency response costs policyholders take on using BHSI’s pre-selected breach response team.
BHSI said it will work with Symantec to provide incident response services to policyholders as part of the coverage.
Philadelphia Insurance Companies will partner with UCPM, Inc. to offer storage tank pollution liability coverage.
Their Storage Tank Environmental Policy protects policyholders from claims for bodily injury, property damage and remediation expenses related to the confirmed release of contaminants into the environment from above-ground or underground storage tanks.
Federal regulations require storage tank owners and operators to show financial responsibility for taking action to compensate third parties for bodily injury and property damage caused by accidental releases from mostly underground storage tanks, though this applies in some jurisdictions to above ground storage tanks.
Everest Insurance expanded its umbrella and excess casualty offering with its new Peak Protect policy form.
Peak Protect is an enhanced commercial umbrella policy form that includes crisis event protection coverage, with an optional reinstated crisis limit if a crisis hits.
The new Everest offering has up to $25 million in capacity, with larger limits available for select clients; global coverage is also available. Additionally, the same form in an A/B version is available, as well as a number of industry-specific enhancements that address hospitality, grocers, real estate, restaurants and retail industries.
CNA said it has increased capacity limits up to $50 million for its umbrella & excess liability accounts.
The increased capacity will be available on a lead or excess basis. It’s designed to help CNA give agents the ability to build more efficient and streamlined excess towers.
The new limits build on CNA’s move in May to launch two new modernized umbrella & excess forms. One form is designed to facilitate contract certainty through streamlined follow form coverages that include regularly request endorsements, and assist in eliminating potential gaps created by variations. There is also a follow form excess policy to enable enhanced follow form capabilities, helps facilitate contract certainty, and aligns coverages within the tower, including shaving of limits coverage.
Sources: BHSI, Philadelphia Insurance Companies/UCPM, Everest Insurance, CNA