Allied World U.S. Launches New Privacy Liability Product

Allied World Assurance Company Holdings, Ltd has launched a next generation of Allied World’s Privacy Liability product: Privacy//403v2.

Privacy//403v2 is designed specifically for a broad spectrum of nonâ€technology companies including, financial institutions (banks and other commercial/consumer lenders), healthcare organizations (both provider entities and healthcare management companies), utilities, insurance companies and retailers.

“We have reengineered this product to keep pace with the dynamic needs of the privacy and security liability insurance market,” said John McElroy, president Professional Lines Division, Allied World U.S.

In addition to the privacy, network security, media liability, business interruption costs protection, and domestic notification costs, Privacy//403v2 now offers coverage for international notification costs and data forensic expenses.

Risk management services offered to customers purchasing Privacy//403v2 include help desk advice services, two annual webinars, a business guide for data security breach preparedness and response, risk management monthly updates on important developments in privacy and information management law, and eâ€Risk Hub (powered by NetDiligence).

Adam Sills, vice president of Allied World U.S.’s Privacy/Technology Unit adds “This product was developed with input from our brokers and clients and to ensure we continue to evolve and react to marketplace needs. This new iteration of our privacy solution brings together a competitive form, competitive pricing, industry leading risk management and underwriting expertise to provide clients privacy protection they can depend on.”

Primary and excess coverage of up to $25 million in limits is available.

Source: Allied World