Kansas City, Mo.-based underwriting manager and claims administrator Euclid Managers, LLC has developed a new set of security and privacy coverage enhancements that can be endorsed onto any of the Euclid Managers’ internet and tech professional liability policies. These endorsements expand the current coverage offering of errors & omissions, content (including copyright and trademark infringement), security, personal injury and privacy coverages already contemplated by the basic internet and tech forms. The enhancements include protection for Laptop Theft, Privacy Regulatory Actions, and Privacy Notification and Crisis Management Expenses, according to the company’s release.
Coverage is available nationwide and the insured has the option to purchase just a portion of the new protections or purchase all of them.
“The current level of security threat to businesses and continuing concerns over damage control definitely warrant making these types of security and privacy coverage enhancements more commonplace,” says John Whall, vice president, Euclid Managers, LLC.
According to a July 2006 Computer/Security Institute report, nearly 50 percent of the 616 computer security practitioners surveyed experienced a laptop/mobile theft in the last 12 months. In addition, the report showed that while information sharing is on the rise, many companies continue to cite negative publicity as the primary reason for not reporting a security breach to law enforcement.
“One reason for the increase in reports of security breaches could be due to legislation, currently passed by about half of the states, requiring it. However, since there is no national standard in place, many businesses continue not to report breaches. Whether the Insured is required to report or not, the privacy coverages we’re introducing can make facing the difficult situation of a security breach a little easier,” Whall added.
The new security enhancement from Euclid Managers covers an Insured’s failure to prevent the theft or loss of an individual person’s private data that resides in or on the Insured’s laptops, devices or other media containing content. The new privacy enhancement gives protection for government or regulatory agency actions and fines for privacy violations. Also included in the privacy enhancement, is a supplementary payment, in addition to the policy limit, for privacy notification/crisis management expenses resulting from a mistake in covered services.
“We’re not aware of any other market that can provide this combination of privacy and security enhancements with the standard E&O, content, personal injury, privacy and security coverages all built into one policy form, said Laura Johnson, vice president, Euclid Managers, LLC.
Euclid Managers, LLC, based in Kansas and Illinois is an underwriting manager and claims administrator specializing in internet, tech, media and manufacturing coverages. Euclid Managers, via their Itasca, Ill. office, underwrites architects and engineers professional liability and public entity property/casualty and professional coverages. The Euclid Managers operation is part of Euclid Insurance Services, Inc.
Source: Euclid Managers LLC
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