Berkshire Hathaway Specialty Insurance expanded its professional lines coverage in Canada. Ironshore Specialty added M&A transition coverage for construction risks. XL Catlin extended its professional indemnity offering in Iberia.
BHSI’s new policy addresses the needs of a wide range of enterprises—from systems integrators to telecommunications providers to IT staffing firms. The policy includes coverage for third-party exposures resulting from security and privacy breaches, including regulatory investigations, fines and penalties; a wide range of direct expenses an insured incurs in responding to a breach or extortion threat; media liability exposures; and lost income and related expenses resulting from interruption of the insured’s business due to a network security failure.
BHSI said the new form was purposefully drafted with clear, concise language and builds in as standard many coverages traditionally available only by endorsement.
Ironshore Specialty Casualty has enhanced its transition protection policy form to address contractual exposures related to an organizational merger or acquisition specific to the construction industry.
Ironshore’s Construction Transition Protection product provides coverage for abrupt and accidental property damage or bodily injury arising out of work completed by a construction company that occurred prior to the closure of the corporate transaction.
The product is offered for limits of up to $2 million per occurrence on a primary basis and up to $10 million on an excess basis. Coverage is underwritten on a claims-made basis for an injury period stipulated within the contract or up to a maximum of five years to cover potential liabilities resulting from past operations.
XL Catlin’s insurance operation in Iberia has expanded its professional indemnity offering.
The coverage now includes:
- Mitigation Costs (pre-claim), which covers the costs incurred by the insured to avoid or mitigate the consequences of an error or omission before the claim.
- Image Restitution Costs (post-claim), which covers the costs incurred by the insured if they hire an external consultant to reduce the damage to the insured’s reputation caused as a consequence of a claim.
- Media Liability, which covers the risks the insured faces when publishing content or contributing content to the media (e.g., books, newspapers, magazines, corporate blogs, social networks and corporate web pages), as this might cause alleged damages to third parties.
- Right to Be Forgotten, which covers the fees of consultants or lawyers reasonably incurred by the insured in filing a request with Internet search companies (Google, Yahoo and Bing) covering the links they would like “delisted” and the basis for making the request (i.e., information that is “inadequate, irrelevant or no longer relevant, or excessive in relation to the purposes for which they were processed and in light of the time that has elapsed”).
Sources: Berkshire Hathaway Specialty Insurance, Ironshore Specialty Casualty, XL Catlin