Allied World US has launched Privacy//403 SRVS, a specified response vendor solution (SRVS) policy to offer complete coverage for liability and expenses associated with the compromise of sensitive information and information systems, in the event of a data breach.
The new product delivers coverage for privacy, network security and media liability exposures, such as full limit coverage for regulatory defense, fines and penalties.
The company said that the insureds will also have first dollar coverage for incident evaluation and breach consultation services.
Additionally, privacy//403 SRVS also offers supplemental privacy coverage, such as public relations expenses, data forensics expenses, network extortion coverage and international notification.
Allied World US, privacy & network security, professional services practice lead Joshua Ladeau said, "What sets this product apart in the market is that Allied World offers a specified vendor approach providing access to industry-leading breach response specialists."
Allied World US professional liability senior vice president Al Fantuzzi said, "Privacy breaches remain a real threat to companies that store client and employee data in information systems.
"In the event of a breach, Privacy//403 SRVS provides real-time assistance for our clients with immediate access to topflight vendors to help them to stay compliant with response timelines established by statute."