Allied World Assurance Company Holdings, AG announced today that Allied
World U.S. has launched Privacy//403 SRVS℠, a Specified Response Vendor
Solution (SRVS) policy to provide comprehensive coverage for liability
and expenses associated with the compromise of sensitive information and
information systems, in the event of a data breach.
The Privacy//403 SRVS policy offers coverage for privacy, network
security and media liability exposures, including full limit coverage
for regulatory defense, fines and penalties. There is an additional
limit for notification and credit monitoring costs that will be capped
at an insured-specified number of individuals that is offered as a
pay-on-behalf coverage. Insureds also have first dollar coverage for
incident evaluation and breach consultation services. Privacy//403 SRVS
also offers supplemental privacy coverages (all available at full policy
limits) including public relations expenses, data forensics expenses,
network extortion coverage and international notification.
“What sets this product apart in the market is that Allied World offers
a specified vendor approach providing access to industry-leading breach
response specialists,” said Joshua Ladeau, Practice Lead – Privacy &
Network Security, Professional Services. “Our vendors have successfully
handled thousands of breaches; they will provide policyholders with
immediate, proactive assistance in navigating through the complex
labyrinth of privacy laws, regulatory response, notification letter
content and other issues integral to incident evaluation and response.”
Key vendors include: Lewis Brisbois Bisgaard & Smith, LLP, AllClearID,
and NetDiligence.
Al Fantuzzi, Senior Vice President, Professional Liability, added,
“Privacy breaches remain a real threat to companies that store client
and employee data in information systems. In the event of a breach,
Privacy//403 SRVS provides real-time assistance for our clients with
immediate access to topflight vendors to help them to stay compliant
with response timelines established by statute.”
For more information on Privacy//403 SRVS, please contact Josh Ladeau,
Practice Lead – Privacy & Network Security, Professional Services at
(860) 284-1654 or joshua.ladeau@awac.com,
or visit our website at www.alliedworldinsurance.com/privacy403.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries
and brand known as Allied World, is a global provider of innovative
property, casualty and specialty insurance and reinsurance solutions.
Allied World offers superior client service through a global network of
offices and branches. All of Allied World's rated insurance and
reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard
& Poor's, and A2 by Moody's, and our Lloyd's Syndicate 2232 is rated A+
by Standard & Poor's and Fitch.
Please visit the following for further information on Allied World: Web: www.awac.com
| Facebook: www.facebook.com/alliedworld
| LinkedIn: http://www.linkedin.com/company/Allied-World.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect our
current views with respect to future events and financial performance
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve risks
and uncertainties, which may cause actual results to differ materially
from those set forth in these statements. For example, our
forward-looking statements could be affected by pricing and policy term
trends; increased competition; the adequacy of our loss reserves;
negative rating agency actions; greater frequency or severity of
unpredictable catastrophic events; the impact of acts of terrorism and
acts of war; the company or its subsidiaries becoming subject to
significant income taxes in the United States or elsewhere; changes in
regulations or tax laws; changes in the availability, cost or quality of
reinsurance or retrocessional coverage; adverse general economic
conditions; and judicial, legislative, political and other governmental
developments, as well as management's response to these factors, and
other factors identified in our filings with the U.S. Securities and
Exchange Commission. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on
which they are made. We are under no obligation (and expressly disclaim
any such obligation) to update or revise any forward-looking statement
that may be made from time to time, whether as a result of new
information, future developments or otherwise.
Copyright Business Wire 2014