Midlands Management Launches Data Breach Coverage
Midlands Management Corp., an operating subsidiary of PMA Capital Corp., has started a new program with data breach coverage. It is designed for clients in industries that are data intensive and required to comply with stringent regulations and laws governing privacy of personal information.
The coverage is written on a non-admitted basis with carriers rated “A” by A.M. Best Co. Limits of up to $20 million are available.
“Companies in retail, healthcare and financial industries are often responsible for managing a vast collection of personal data in compliance with increasingly more stringent privacy laws,” said Don Glaspey, vice president at Midland Management Corp.
Midlands’ Data Breach Coverage features include:
- Electronic media liability, which covers the display of electronic content on the insured’s website and extends to many Internet-related exposures, including advertising injuries that may not be covered under many of today’s general liability policies.
- Computer information security,which provides third-party coverage in response to unauthorized access, theft of or destruction of data, denial of service attacks and virus transmission resulting from computer security breaches.
- First party coverage for losses from network security breaches. This includes coverage for destruction or loss of data, as well as network business interruption and cyber extortion caused by failures of computer security to prevent a security breach.
- Privacy coverage for theft of personally identifiable non-public information in computer data and hard copy form and liability arising from failure to comply with state breach notice laws; failure to comply with the insured’s privacy policies; privacy breach notification costs, credit monitoring services expenses and associated investigative and legal expenses (by endorsement); defense costs for regulatory proceedings and penalties resulting from a violation of a privacy law (by endorsement)
Additional options of the coverage include a simplified application process for most companies, coverage for theft of hardware from the insured’s premises, business interruption coverage with income loss and extra expense, and forensic expenses and crisis management expenses covered with a sub-limit.
Data Breach Coverage is offered through wholesale brokers and managing general agents.
Source: Midlands Management Corp.