Security breach - separate first party indemnity cover rolled out. Ascent Underwriting has released a new feature providing notification costs outside of the policy limit in respect of small and mid-market clients.
Ascent Underwriting, the new Amlin led Managing General Agent (MGA) providing insurance for emerging cyber risks, has released a new feature providing notification costs outside of the policy limit in respect of small and mid-market clients.
This new extension covers the cost of notifying individuals that have been affected by a data breach in complying with privacy legislation and ring-fences these expenses away from the main policy limit, ensuring that the full original limit remains available to deal with other coverage issues such as third party actions in the event of the breach escalating, regulatory fines and other covered clauses.
Ascent has also partnered with IDT911 for pre and post risk services including 24/7 hotline dealing directly with experts consulting on ‘proactive best practices’ or to provide assistance following the suffering of a security breach, allowing for a swift claims service.
Ascent already provides comprehensive solutions for professional and non-tangible risks and continues to develop niche products, in the fast moving cyber risk environment.
“ Client demand for emerging cyber risk continues to grow, and whilst the market already has a number of cyber risk solutions aimed at major companies, we see a substantial demand and need for a broad and innovative product and solution to cater for the smaller end of the market, and . We are excited to release this new feature as we continue to explore and improve our offerings and services. ”David Umbers, Director.