Cyber liability is complicated coverage, and it is constantly changing. We wanted to make sure we had the flexibility to adapt, while providing insureds with tools to help them prevent a loss
New York, NY (PRWEB) April 08, 2015
As cybersecurity threats increase, McNeil & Company, a nationwide leader in specialized insurance programs, has expanded its cyber liability coverage for volunteer fire departments and rescue squads under its Emergency Services Insurance Program (ESIP). McNeil & Company remains the only company to offer this type of specialized coverage and risk management tools to fire departments nationwide.
In the case of volunteer fire departments, cyber exposures arise from the data they collect and store from fundraising events and various other community activities. Fire departments also store data on current and past members, including Social Security numbers and financial information, all of which must be protected from cyber threats.
For rescue squads, cyber exposures come from preparing third-party documentation (e.g. Patient Care Reports) when transferring patients to a hospital or other facility. As the creators of important documentation, such as medical reports, rescue squads could be held liable in the event of a breach. In addition, McNeil & Company discovered that in most cases, if a breach occurs, first responders could be the first targets of litigation.
“After a comprehensive analysis of the cyber security risks for fire departments and emergency service providers, we quickly realized it was imperative to develop two products that address price-sensitivity and ensure our clients receive choice and flexibility,” said Derek Davis, Marketing Manager at McNeil & Company. “Cyber liability is complicated coverage, and it is constantly changing. We wanted to make sure we had the flexibility to adapt, while providing insureds with tools to help them prevent a loss and resources to inform them of proper protocol should a suspected breach occur.”
To address the increasing exposure to cyber threats and address the level of risk that exists for clients covered by ESIP, McNeil & Company created a multi-tier cyber approach, including two different products.
Network Security and Privacy coverage, which is embedded into ESIP’s Emergency Services Liability coverage, provides first and third-party coverage for privacy event mitigation expenses and network security data breach liability.
McNeil & Company offers an exclusive Excess & Surplus Lines product, NetSafe, which offers broader coverage through five separate insuring agreements: network security breach (third party), privacy violation (third party), cyber extortion (first party), security breach notice (first party) and crisis management (first party). NetSafe also comes with a risk management tool through eRiskHub®. eRiskHub® provides access to a member hotline staffed by security experts; various services and content from leading practitioners in risk management, computer forensics, forensic accounting, crisis communication, legal counseling; and a number of other tools.
About McNeil & Company
McNeil & Company is a nationwide leader in specialized insurance programs, drawing on deep industry expertise to develop and deliver policies and risk management services that meet the unique needs of clients. McNeil & Company offers the best possible specialized coverage, along with a full array of risk management services, to help customers maximize preparedness and grow their businesses. Established in 1989 to answer a need for more comprehensive, tailored policies in the emergency services market, McNeil & Company has developed and expanded a model for specialty insurance programs based in genuine industry knowledge and a consultative approach to loss control and risk management. Acclaimed products include AdvenSure, ASIP, Car Wash, ESIP (and Benefits), FireWatch, HOMed (O&P Plus), WildPRO and the Bar & Tavern Program.