May 28, 2013 by Canadian Underwriter
The Boiler Inspection and Insurance Company of Canada announced Tuesday it is combining equipment breakdown insurance with coverage for data compromise and identity recovery in one policy, known as All Systems Go Plus.
The company said brokers are able to self-rate, bind and issue All Systems Go Plus policies from Toronto-based BII’s website. It also stated its equipment breakdown insurance has no limits applicable to direct damage, business interruption, extra expenses or service interruption for “qualified occupancies.”
“Businesses today depend more than ever on computer networks to store valuable customer, employee and third party data,” the firm stated in a press release.
Examples of data compromise, according to BII, could include incidents when someone creates false debit cards using card skimmers at a retailer’s debit card reader machine or a compromise of personal information resulting when someone breaks into an accountant’s office and steals clients’ tax records.
— HSB BI&I (@biicocan) May 28, 2013
One example of identity recovery coverage cited by BII would be a case where a former employee changed information on a business line of credit and the business owner missed time from work to correct the information.
In this case, BII suggests, the insurance would cover the lost wages for the time the business manager spent to correct the problem. It would also cover lawyer’s fees for instances where someone is sued after unauthorized credit accounts are opened in their name.
BII is a subsidiary of The Hartford Steam Boiler Inspection and Insurance Company, which is part of Munich Re risk solutions.