EXTON, Pa., Oct. 12, 2016 /PRNewswire/ -- To help
architectural and engineering firms stave off the financial and
reputation consequences of potential cyber incidents, XL Catlin has
added cyber insurance as an optional coverage to its
professional liability insurance for architects, engineers and
other design businesses.
According to Doug Strong, Chief
Underwriting Officer for XL Catlin's Design Professional insurance
business, "From laptops to smartphones to interfacing with complex
integrated design software, design professionals rely on technology
just as much as any industry in their day-to-day project management
and client relationship activities. One cyber incident can
significantly compromise all that they and their firms have worked
hard to build. We've paired up our expertise in both design
professional and cyber insurance, to deliver coverage to help our
clients address today's new and emerging online and
technology-driven business exposures."
"A stolen laptop, a network hack or random computer virus can
create enormous and costly consequences for a design firm's
practice and reputation," according to Joe
Reynolds, XL Catlin's Design Professional Executive
Underwriter. "With cyber exposures growing exponentially, making
this suite of contemporary cyber coverages available as part
of our Design Professional liability policy is a convenient and
timely enhancement."
Available under XL Catlin's Design Professional liability policy
form, XL Catlin's Cyber Suite for Design Professionals coverage,
with dedicated policy cyber limits, offers design professional
firms:
- Privacy & Network Security Liability insurance
protection to address a variety of scenarios, including:
- Loss of or failure to protect Personally Identifiable
Information and Confidential Business Information such as
proprietary drawings, designs, customer requirements and
specifications;
- Violation of any privacy or date breach reporting
laws/regulations;
- Wrongful acts of rogue employees;
- Transmission of malware to third-parties.
- Data Breach response coverage to address associated
costs such as:
- Voluntary notification to breach victims,
- Forensic investigations,
- Extortion incident costs and payments,
- Providing credit and identity protection and restoration
services.
- Supplementary Payments coverage to address costs
associated with:
- Crisis Event Expenses
- Administrative and Regulatory expenses
XL Catlin's new Cyber Suite for Design Professionals also offers
access to a dedicated 24/7 data breach hotline and other cyber
management resources available on XL Catlin's Design Professional's
Learning Management System.
XL Catlin's Design Professional business provides professional
liability insurance for architects, engineers and design
consultants. Coverage is available for firms of all sizes and
disciplines. XL Catlin's design professional coverage is
accompanied by a variety of loss prevention assistance and risk
management assistance including continuing education courses and
access to XL Catlin's Contract eGuide to help firms
incorporate strong contract language.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group
ltd.'s (NYSE:XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin