Argo Group Announces New Cyber Liability Insurance

June 26, 2012

Argo Pro, a member of Argo Group International Holdings, Ltd., has introduced a new cyber liability insurance product – information & Professional Risk Playbooks (iPRP) – designed to address the exposures businesses face from their increasing reliance on information technology.

“Advances in information technology have revolutionized the ways businesses attract, retain and interact with customers,” said Michael Carr, senior vice president and head of E&O underwriting for Argo Pro. “Along with benefits in speed and efficiency, these changes have created a variety of new exposures to loss – from liability for content on corporate Facebook pages or YouTube channels to privacy fines to business interruption from systems compromises. The iPRP product was designed to address these exposures for customers in any industry, including the professional liability exposure for firms that provide information intensive services to others.”

Targeted classes include accountants, auto dealers, healthcare providers, insurance agents & brokers, TPAs and regional insurers, manufacturing, wholesale and retail businesses, professional & technology services firms, public entities and restaurants and trade associations.

Key coverage features of iPRP include:

  • Privacy coverage for unauthorized access or use of private data in any form including accidental dissemination and vicarious liability for third party vendors.
  • 1st party coverage for breach notification and mitigation obligations assumed under business associate agreements or similar contracts.
  • Flexible breach mitigation solutions that can be tailored to the type of data compromised.
  • Media coverage that extends to content posted on behalf of the insured company on third party sites.
  • Defense expense coverage for contractual liability claims.

The iPRP will be distributed through select Argo Pro appointed wholesale retail brokers with in-house cyber liability underwriting and risk management expertise. It will be underwritten on Colony Insurance Company paper on a non-admitted basis.

Source: Argo Group International Holdings, Ltd.

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