OneBeacon Technology Insurance has introduced a modular technology professional liability product for cybersecurity and communication liability exposures. Information Technology Solutions—Complete (ITS) addresses the potential gaps in traditional liability coverages to help businesses safeguard personal information.
Services offered by ITS include breach consultation services, notification and call center support, and a dedicated 24/7 data breach hotline. OneBeacon has also partnered with leading risk management organizations to provide comprehensive, end-to-end expert services to help customers mitigate and manage data breach incidents
Customers can use a menu-driven approach to customize a solution from an array of first- and third-party coverages with a common set of definitions, conditions and exclusions:
- First-party coverages include breach consultation services, incident management expense, information restoration expense, hardware replacement expense, extortion payments and rewards, and forensic expenses.
- Third-party coverages include errors and omissions, information risk liability, communication liability and privacy administrative proceedings.
OneBeacon said that ITS will eventually be written on an admitted basis in all states and that maximum coverage limits are available up to $10 million.
Source: OneBeacon