Canadian Underwriter

ACE adds news data breach fund sidecar endorsement in Canada

November 10, 2014   by Canadian Underwriter

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ACE Group has announced a new option for its ACE Privacy Protection policyholders in Canada, the Data Breach Fund Sidecar Endorsement.

The new option provides a single data breach fund limit, one that falls outside the policy’s liability limits for all data breach expenses, ACE said Monday.

The ACE Data Breach Team includes a panel of independent legal, computer forensic, notification, call center, crisis communications, fraud consultation, credit monitoring, and identity restoration firms.

Policyholders in Canada can now obtain both the ACE Data Breach Team and a single data breach expense limit, separate from the policy’s liability limit.

“ACE recognizes that small and mid-size organizations have a need for a robust post-breach response, and the ACE Data Breach Team is especially qualified to address these needs,” Bobbie Goldie, vice president of ACE Professional risk at ACE Canada commented in its announcement.

“Through our experienced Canadian data breach coach, Fasken Martineau DuMoulin LLP, and the superb vendors on our team, ACE offers clients industry-focused expertise when confidential or proprietary information is lost or compromised.” 

According to ACE, Data Breach Team Endorsement enhancements include:

  • Coverage for Regulatory Communications, including:
    • Payment for legal services to communicate with a regulator before a formal investigation
    • Coverage for access to the Data Breach Coach or another law firm on the Data Breach Team panel
    • Self-insured retention for a Regulatory Proceeding, which is eroded by Regulatory Communications coverage
  • Forensics coverage, which now responds to any failure to protect Personal Information, and is no longer limited to network security failures

The new Data Breach Fund Sidecar Endorsement benefits include:

  • Expanded coverage for insureds with less than $1 billion in annual sales revenue
  • Data Breach Fund Sidecar limit outside of the standard policy limits
  • Sidecar limit intact, even when standard policy limits have been exhausted
  • No retention for Data Breach Coach expenses
  • All of the benefits already provided by the Data Breach Team Endorsement,  including expenses incurred to retain services for: the Data Breach Coach, forensics, complying with Privacy Regulations, Regulatory Communications, legal services, notification services (statutory and voluntary), call center services, public relations, credit monitoring, identity monitoring, and fraud consultation

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