Frankenmuth Insurance is pleased to announce the launch of Cyber Plus starting March 1, 2014.
What makes Cyber Plus different?
The Cyber Plus Coverage Guide provides a summary of each coverage in the order they appear in the form and includes claims examples to illustrate how coverage is triggered. Below is an excerpt featuring a Cyber Plus 3rd Party Coverage:
Security and Privacy Liability Coverage
The World Wide Web connects all of us and provides opportunities to reach new customers. Unfortunately, it also provides new opportunities for cybercriminals to threaten your business.
Security and Privacy Liability Coverage protects the insured for:
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Failure to prevent unauthorized use of, or access to, a computer system that is not the insured’s
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Delay in disclosure of security breach; transmission of virus from the insured’s computer to another; violation of common law or privacy breach regulation by the insured
Claims example: A doctor’s office employee steals the identities of multiple patients and makes credit card purchases with the stolen information. The doctor becomes aware of the breach when the employee is arrested. Local and federal law enforcement advises the doctor the identities of five patients, and approximately $10,000, had been stolen by this employee.
Two patients file a lawsuit against the doctor in connection with the identity theft. The patients allege the doctor failed to prevent the unauthorized access of their credit card information. The doctor is liable for compensatory damages and emotional distress damages.
Next week’s claims example demonstrates trigger for Privacy Regulatory Defense and Penalties Coverage.
Cyber Plus Booklet Final (FI) .pdf (892.67 kb)
