Cyber liability coverage is a complex field, and one that is constantly evolving. Rather than trying to learn the intricacies of cyber coverage, brokers can take advantage of the expertise, and market access offered by NIP Specialty Brokerage.
Woodbridge, NJ (Vocus/PRWEB) February 23, 2011
NIP Specialty Brokerage, a division of NIP Group, Inc., proudly announces a new practice specializing in cyber liability coverage. A relatively new but rapidly growing area of need, cyber liability coverage protects businesses against the damages that come from identity theft, data breach and other forms of cyber crime. NIP Specialty Brokerage is a wholesale brokerage operation targeting non-standard commercial risks.
Cyber crimes occur every day and account for billions of dollars in expenses every year for U.S. Businesses. Costs include investigation of security breaches, repairing damage done to company systems and websites, disruption of business, as well as defending lawsuits, and recovering from a tarnished reputation. Many businesses, and even brokers, are unaware that they are at risk and to what extent. For those that do recognize the risk, purchasing cyber coverage can be a daunting task.
"Cyber liability coverage is a complex field, and one that is constantly evolving," said Dean Mortilla, President of NIP Specialty Brokerage. "Rather than trying to learn the intricacies of cyber coverage, brokers can take advantage of our expertise, and our market access. We can help brokers assess their clients’ cyber exposure, analyze their current policies to determine existing coverage, and match coverage to their remaining exposure."
According to Mortilla, brokers need to be aware of exclusions in different cyber risk policies and how they could impact their client. It's also important to review the client's policies and procedures related to network security and information management. "Being able to document strong, layered security safeguards helps put underwriters at ease," Mortilla explains.
NIP Specialty Brokerage is focused, but not limited to, the following industries: Retail, Publishing, Financial Services, Healthcare and Technology.
For more information on NIP Specialty’s new facility, call 1-800-446-7647 ext. 515. To submit business, send emails to NIPSpecialty(at)NIPGroup(dot)com or fax to 732-634-2904.
About NIP Specialty Brokerage
NIP Specialty Brokerage is a wholesale brokerage operation targeting non-standard commercial risks underwritten by admitted and non-admitted specialty carriers. NIP Specialty Brokerage assists agents/brokers in the structure and placement of complex insurance risks throughout the United States by accessing NIP's brokerage expertise and relationships with global insurance markets. NIP Group, Inc. is a specialty insurance intermediary, ranked among the largest 100 in the United States and providing a wide range of brokerage, underwriting and risk management services to select market segments.