Posted on 10 Feb 2012
Liberty International Underwriters has rolled out three cyber liability policies, the Liberty Mutual Group Inc. unit said Thursday.
The coverage suite focuses on several common threats to companies, including data privacy breaches and technology errors and omissions.
The coverages vary in scope. The broadest, LIU Tech Insure, covers breach of contract, intellectual property infringement, project failure coverage, data breach liability and E&O.
Another product, LIU Data Insure, focuses on data breach liability and the costs associated with it, while LIU DataPro Insure covers professional liability exposures in addition to data breach liability costs.
While specific policy limits and deductibles are based on needs and risk profile, the maximum limit available is $10 million, and the deductible and premium each have a $10,000 minimum.
“Data security is now more than just an IT issue—it is a board-level issue,” Oliver Brew, vp of miscellaneous professional liability and technology E&O for Boston-based LIU, said in a statement. “With attacks becoming more sophisticated and striking a wider range of institutions as well as increased regulatory pressure, more and more companies are looking for data security insurance to help protect their operations. “