Philadelphia Insurance Companies (PHLY) has introduced a new cyber security liability product for small and middle-market customers, which offers both first and third party coverages in one package.
The company said that the coverage parts include loss of digital assets, non-physical business interruption, network security and privacy liability, electronic media liability, cyber extortion, customer notification and public relations expense.
Most classes are acceptable; however, prohibited classes include financial institutions, on-line retailers, credit card processors, law firms, hospitals and colleges or universities, the company said.
Thomas Herendeen, vice president of management and professional liability underwriting at Philadelphia Insurance Companies, said: Cyber Security Liability is an important new addition to the PHLY product suite. We designed the product to meet the coverage needs of accounts in the small and middle market, which we define as having up to $500m in annual revenues. We are excited to roll this out to our producer network and our extensive base of existing and potential customers.”
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value-added coverages and services for select industries.