XL Catlin added cyber insurance as optional coverage in its professional liability cover for design professionals. AXIS Capital Holdings will start offering U.S. customers cybersecurity ratings data from BitSight. Take1 Insurance developed terrorism and crisis coverage for entertainment and special events.
XL Catlin said it added cyber insurance as an optional coverage to its professional liability insurance for architects, engineers and other design businesses.
The product will be available under XL Catlin’s Design Professional liability policy form, and known as XL Catlin’s Cyber Suite for Design Professional coverage with dedicated policy cyber limits. Coverage benefits will address scenarios including: loss of or failure to protect personal information and confidential business information including proprietary drawings, designs, customer requirements and specifications; violation of any privacy or data breach reporting laws/regulations; wrongful acts of rogue employees; forensic investigations and transmission of malware to third parties.
As well, the coverage will offer access to a dedicated 24/7 data breach hotline and other cyber management resources.
In September, XL Catlin released an enhanced professional liability insurance policy form for design professionals.
AXIS Capital Holdings Lt. will start providing U.S. policyholders cybersecurity ratings from BitSight beginning on Nov. 1.
The deal is between BitSight, a cybersecurity ratings provider, and AXIS PRO, the professional lines division of AXIS Insurance. U.S. AXIS PRO policyholders will be able to request their BitSight Security Rating for no additional premium. As well, the policyholder can request trial access to the BitSight Security Ratings Platform.
BitSight, which launched in 2011, uses its Security Ratings Platform to continuously analyze large amounts of external data on security issues and behaviors so organizations can manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk.
Take1 Insurance is now offering terrorism and crisis coverage for entertainment and special events.
Its new product – Take1 Combined Crisis Cover, provides immediate coverage up to $1 million annually, in the event of, or threat of, malicious acts including terrorism or those caused by an assailant whose actions interrupt or lead to cancellation of a planned live event.
The division of U.S. Risk handles insurance needs for the film and television production industry, as well as audio-video and communications industry clients, and it is a coverholder of Lloyd’s.
Target customers include event service firms; producers of documentary, industrial, commercial and educational content; and touring entertainers, shell corporations, festivals, special events and venues. Basic policies start at $745 annually, depending on limit and risk profile, and apply anywhere in the U.S. and its territories.
The Take1 Combined Crisis Cover differs from the federal Terrorism Risk Insurance Program Reauthorization Act coverage, in that it is not specific to the commission of a terrorist act as determined case-by-case by the U.S. Treasury Security. TRIPRA also has difficult-to-achieve minimum damage thresholds that trigger insurance coverage, Take1 said.
Sources: XL Catlin, AXIS Capital Holdings, Take1 Insurance