Specialty Risk Protector

Transcription

1 Specialty Professional Liability and Data and Network Security Insurance is a single policy that makes it easy for companies to secure the multi-faceted E&O protection our networked world requires. A simplified, customizable solution to respond to evolving customer needs, all readily attainable in one policy form. Specialty Risk Protector unites cuttingedge professional liability coverage with data and network security protection enabling a seamless combination of several of the premier specialty professional liability and data and network security insurances. Fast, flexible, with a maximum focus on your risk. Specialty Risk Protector lets you seamlessly combine premier specialty professional liability with data and network security insurance, including coverage for: Errors & Omissions Media Liability (content, publishers and broadcasters) Security and Privacy Liability Event Management Cyber Extortion Network Business Interruption Employed Lawyers Professional Liability CrisisFund Coverage Specialty Risk Protector makes it easy to attain best-in-class coverage for a wide range of E&O exposures, with no gaps or overlaps in coverage. With Specialty Risk Protector, coverage for the diverse E&O exposures of today are available all in one policy form and through a single application process. Specialty Risk Protector offers: Best-in-class coverage for specialized E&O risks. Coverage that is easily adaptable as risks grow and change. Simplified policy language. Streamlined claims reporting. Access to over 80 claims handlers with superior technical expertise. Services from the nation s premier defense attorneys. Up to $25 million in limits per coverage part and $50 million in the aggregate. Specialized resources to analyze and underwrite specific E&O risks.

2 Specialty Professional Liability Insurance Specialty Professional Liability Insurance (E&O) protects professional service providers in claims alleging negligence in professional services rendered. Tailors definition of Professional Services based on insured s unique risks including but not limited to: Actuary Services Advertising Services Claims Adjuster Services Consulting Services Franchising Services Managed Care Services Printing Services Real Estate Services Staffing Services Technology Services & Products Telecommunications Services & Products Third-Party Administrator Services Travel Agent Services Trustee Service Extends to economic losses sustained by third parties as a result of the insured s alleged negligence. Encompasses subsidiaries of the insured as well as any entity the insured is required by contract to add as an insured under its policy. Grants flexibility to settle claims within the retention without insurer consent.

3 Media Content Insurance Media Content Insurance addresses the liability faced by companies that develop or distribute media content. Responds to claims arising out of all media distributed by the insured. Addresses claims arising from an Insured s advertising materials. Provides protection for numerous perils, including: trademark infringement; copyright infringement; defamation; false light; false imprisonment; product disparagement; infliction of emotional distress; failure to maintain the confidentiality of a source; negligence in the quality of material; loss based on the reliance on material; outrageous conduct; and invasion of privacy. Includes punitive, exemplary and multiple damages to the fullest extent permitted by law in the definition of damages. Encompasses subsidiaries of the insured as well as any entity the insured is required by contract to add as an insured under its policy. Available on a claims made or occurrence basis. Media Liability for Broadcasters and Publishers Publishers and Broadcasters Insurance offers comprehensive coverage for the media exposures of publishing and broadcasting companies, from risks related to news reports, to podcasts, to content fed via wireless devices. Addresses the wide-ranging liabilities for broadcasting and publishing companies. Uses an open peril approach to provide broad liability protection across multiple mediums. Responds to claims arising out of all media distributed by the insured. Does not require a list of covered media to be added to the policy. Provides protection for numerous perils, including: trademark infringement; copyright infringement; defamation; false light; false imprisonment; product disparagement; infliction of emotional distress; failure to maintain the confidentiality of a source; negligence in the quality of material; loss based on the reliance on material; outrageous conduct; and invasion of privacy. Amends dishonest conduct exclusion to allow for asserting a First Amendment protection or when such conduct involves the actual malice standard in a defamation case. Available on a claims made or occurrence basis.

4 Security and Privacy Liability Insurance Security and Privacy Insurance responds to important third party liability for claims arising from: A failure of the insured s network security. A failure to protect personally identifiable information from misappropriation, including disclosures as a result of social engineering attacks (e.g., phishing). A failure to protect or wrongful disclosure of private or confidential information. Violation of any federal, state or local privacy statute alleged in connection with failure to protect private information. Broader definition of computer system to include leased computers. Duty-to-Defend coverage Pay on behalf of basis Event Management Insurance Event Management Insurance responds to the costs to retain public relations services to assist in managing and mitigating a covered privacy or network security incident. Includes costs to notify consumers of a release of private information. Such notification is now mandated by most states and can be very costly. Includes cost of credit-monitoring or other remediation services to help minimize damages to those victimized by a covered privacy or network security incident. Includes costs associated with losses to information assets such as customer databases resulting from a failure of network security. Provides vital protection for intangible assets that are not covered by traditional property insurance.

5 Cyber Extortion Insurance Cyber Extortion Insurance pays to settle network security related extortion demands made against the insured. Triggers when there is a threat to commit a computer attack against the insured and a demand for money to terminate the threat. Includes the costs of investigations to determine the cause of the security threat and to settle the extortion demand. Event Management Insurance responds to the costs to retain public relations services to assist in managing and mitigating a covered privacy or network security incident. Network Business Interruption Insurance Network Business Interruption Insurance responds to an insured s loss of income and operating expenses when business operations are interrupted or suspended due to a failure of network security. Broadened definition of loss includes lost business income, normal operation expenses (including payroll) and those costs that would not have been incurred but for the interruption. Full limits of insurance apply to any incident; hourly sublimit restrictions do not apply. Employed Lawyers Professional Liability Corporate Counsel Premier responds to the spectrum of claims employed lawyers can face from shareholders, employees, regulators, clients or other third parties. Protects the personal assets of corporate counsel, as well as their employer s balance sheet, against claims alleging professional malpractice. Encompasses a broad range of claims including: Demands for monetary, non-monetary, or injunctive relief; suits, such as a civil proceedings or binding arbitration; administrative proceedings, such as a judicial, administrative, or bar association licensure; or compliance with the Sarbanes-Oxley Act of 2002, and securities claims. Shareholder derivative suits arising from in-house counsel s legal work.

6 (Continued) Claims against the general counsel, corporate counsel, contract attorneys, paralegals and clerical staff supporting legal services. Employment-related claims arising from reliance on in-house legal services. Allegations arising from moonlighting and pro bono legal services. CrisisFund CrisisFund Insurance pays up to $50,000 with no retention for an insured to hire a pre-approved public relations firm to manage communications surrounding a covered crisis event. Strategic management of the communications surrounding a crisis can be critical in mitigating potential damages to a company s reputation. Triggering Events Can Include: Management crisis Bankruptcy Contribution revocation Regulatory investigation (or threat of) Mass tort Other event that generates media coverage adverse to the insured To learn more about Specialty Risk Protector: FinancialLines@aig.com Visit: Contact: Your insurance broker American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language. Certain products and services may be provided by independent third parties. Insurance products may be distributed through affiliated or unaffiliated entities. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.