XL Catlin's cyber and technology insurance team has designed coverage specific to the needs of financial institutions, healthcare, retailers, as well as energy and utility companies.
According to John Coletti, the chief underwriting officer of XL Catlin's cyber and technology insurance business in North America, “All businesses are growing more and more connected. Yet, they still have their own unique set of circumstances, largely based on the nature of their business and they need specifically tailored insurance to address their use of technology and the cyber risks it poses. As October is officially National Cyber Security Awareness Month, it's an especially appropriate time to introduce these tailored insurance coverages, giving businesses more means to protect themselves from today's growing cyber exposures.
“These added coverages address the specific cyber and technology risk exposures of industries that have quickly realized their cyber exposures and are looking to effectively address them,” added Mr. Coletti. “XL Catlin has been a pioneer in the cyber insurance market and we're intent on continuing to create relevant cyber coverage to address our clients' evolving needs.”
XL Catlin's cyber insurance industry-specific endorsements include such protection as:
- For Financial institutions: Data recovery expense, loss of business income and extra expense coverage for ATM web-based controls, interbank messaging systems, and mobile banking platforms.
- For Healthcare: Data recovery expense, loss of business income, and extra expense for medical devices connected to the internet and telehealth platforms. Expanded definition of insured to include doctors, physician assistants, radiologists, social workers, nurses, or other persons providing professional services for the insured company under written contract.
- For Retailers: Third party liability coverage that addresses privacy and security wrongful act risks resulting from mobile sales technology. Coverage to address PCI DSS fines and costs as well as an exception to the contractual exclusion for breach of a merchant services agreement.
- For Energy Providers and Utilities: Loss of business income and extra expenses when a cyber-security breach results in a partial interruption or deterioration in the insured company's business, a total or partial shut-down of a customer's operations or reduces a customer's consumption of service for the insured company; expanded definition of network to include industrial control systems and exception to contraction exclusion for failure to supply power, gas, water, or steam.
Learn more: xlcatlin.com.