Everest Re Group is now offering a broad cyber insurance policy that provides risk mitigation/remediation services to companies in multiple industries. A division of AIG has launched in Canada a form of on-demand travel insurance accessible through an app.
Everest Re Group Ltd. debuted a policy designed to offer comprehensive cyber coverage and risk mitigation/remediation services to companies across all industry classes.
The Everest Insurance Cyber Elevation Insurance Policy give clients immediate access to a number of comprehensive services from qualified providers. It is designed to help respond to a cyber attack and also build a resilient network to prevent future attacks.
Features include: risk improvement incentive reimbursements for a suite of services; social engineering coverage with reduced retention if a 24/7 hotline is called within 48 hours; PCI recertification costs; reputation repair including ad spending, notifying the general public and other costs; and a reduced waiting period for business interruption loss if triggered by a distributed denial of service attack (DDOS). There is also a 24/7 incident response hotline with privacy counsel including lower retentions for panel providers.
Toronto-based AIG subsidiary Travel Guard Group Canada Inc. launched a travel insurance app that lets most Canadian customers purchase coverage in blocks of time through their iPhone.
The app is not available for Quebec residents.
Qualifying customers can now conveniently optimize travel insurance cost-effectively through hourly coverage. GPS technology lets travelers use the coverage from the moment they leave their home province until they return, as the app tracks the number of hours used.
Traditional travel insurance options include single trip or annual plans. The Travel Guard On Demand app is more flexible and gives consumers ages 16-55 more control over how and when they use their coverage.
Marc Lipman, AIG Canada’s chief operating officer, said that the app lets consumers start getting protection 90 seconds after filling out the four required fields. Consumers can activate the purchased insurance by swiping the app button “on” at the start of their trip and “off” at the end of it. Or, they can use the app to pre-set the desired departure and return dates for an upcoming trip, Lipman said in prepared remarks.
The app offers a convenient, user-friendly way to purchase select Travel Guard products and services that are offered as specific blocks of insurance coverage up to 90 days, for use within 365 days from the date of purchase.
Travel Guard On Demand relies on technology from JAUNTIN’, a Canadian insurance technology company. The app can be downloaded from Apple’s App Store (search for Travel Guard On Demand) or from the Travel Guard Canada website.
Sources: Everest Re Group, AIG/Travel Guard Group Canada