IronPro, the financial and professional lines unit of Ironshore Inc., is introducing a compromised plastic card re-issuance expense coverage enhancement to its Enterprise PrivaProtector as a financial services sector product.
According to the American Bankers Association, small community banks, defined as those under $1 billion in assets, report that the cost of creating and mailing a new debit card is approximately $11 per card or $12.75 per card for reissuing a new credit card.
IronPro said in a statement that its compromised plastic card re-issuance expense endorsement would pay for the insured's re-issuance expense to replace compromised plastic cards that have been obtained by theft from an electronic data base, computer, computer system, or computer network not owned, operated, or contracted by the insured or the insured's service provider.
“We recognize that plastic card re-issuance expenses can have a significant negative financial impact upon a community bank or credit union,” stated Kurtis Suhs, IronPro's global privacy practice leader. “This innovative solution, specifically tailored to the financial services industry, further differentiates Ironshore as a specialty lines leader in the cyber insurance marketplace.”