BHSI launches new cyber coverage, risk management resource product

Berkshire Hathaway Specialty Insurance (BHSI) has unveiled a new product that encompasses coverage for cyber liability and breach response as well as risk management resources for large commercial and financial institutions clients.

Related: BHSI brings new excess integrated follow form coverage to market

The Professional First Network Security & Privacy Liability Policy includes:

>Coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties
>Breach expense and extortion threat coverage, which is meant to address the direct expenses an insured incurs to effectively respond to a breach or extortion threat
>Media liability coverage, which responds to traditional media exposures arising from electronic content, such as that published on a company’s website
>Business interruption coverage to pay lost income and related expenses incurred as a result of the insured’s partial or full business interruption due to a network security failure
>Online access to tools and resources to help policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization.

“Our new policy simplifies the complex endeavor of managing cyber exposures for both our business partners and our customers,” said Michael Densham, senior vice president of executive and professional lines at BHSI Canada, through a statement. “We are excited to round out our executive and professional lines offerings with this flexible cyber solution, backed by BHSI’s commitment to service and unparalleled financial strength.”

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This story was originally published by Canadian Insurance Top Broker.