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The
Markel Shand Files
Announcing Our New DataBreachSM Coverage
For Data Privacy & Security Liability
The Identity Theft Resource Center (ITRC) revealed 449 U.S. businesses and government agencies have reported lost or stolen customer and employee data during 2008, and surmises it could be much higher. Data theft is on the rise, and despite valiant attempts by businesses to protect themselves, no system is hacker-proof.
Markel Shand's new DataBreachSM coverage can help a business pick up the pieces after a hacker attack by providing coverage for liability arising out of unauthorized access to a computer system. Here are just some of the features of our new coverage:
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Liability coverage for identity theft, breach of privacy, failure to protect confidential client data, transmission of spyware, viruses and other malicious code.
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Covers unauthorized access and potential unauthorized access to the named insured's laptops, back up tapes and other storage media, including paper records.
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Definition of "unauthorized access" includes access privileges gained by fraud or deception and unauthorized use of access privileges by authorized users, including employees.
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Electronic media coverage for non-media companies.
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First party coverage includes the following:
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Insured's costs to restore their network after an unauthorized access
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Insured's extra expenses while recovering from an unauthorized access
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Theft of insured's money or securities, and payment of extortion demands, resulting from an unauthorized access
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Business interruption arising from an unauthorized access*
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Supplementary payments coverage in addition to the limits and not subject to the deductible is available for the following:
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Compliance with security breach notice laws
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Voluntary credit monitoring
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Public relations expenses
*Requires endorsement (coming first quarter 2009)
For immediate access to the new DataBreachSM application and policy form, click on the links below, or go to www.markelshand.com and click on "Forms."
DB30000 DataBreachSM Application
DB20000 DataBreachSM Policy Wording
For additional information about DataBreachSM, contact Michael Carr, IT product manager, at mcarr@markelcorp.com or 847.572.6111, or your Source One underwriter. |
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