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Cyber Insurance


What would you do if your agency had a data breach?

80% of businesses fail to recover from a breach because they do not know this answer. Responding to a breach is a complicated process that requires assistance from many different professionals. Failure to notify the affected individuals without unreasonable delay could cost your agency up to $1,500,000 in fines from government agencies. Add this to the $200,000 average cost to comply with notification laws, the legal liability and the reputational harm caused by the breach, and you can quickly see how this exposure can be devastating to your agency.

Independent Insurance Agents of Virginia, through their wholly owned subsidiary, Virginia Financial Services Corporation, has several cyber markets.  Together we can find a solution to meet your requirements.  

Why doesn’t my general liability insurance cover cyber liability? 
General Liability insurance covers bodily injuries and damage to property which is a result of your products, services, or operations. Be sure to check your policy because cyber insurance is usually not included in your general liability policy.

Why Purchase a Standalone Policy?
A standalone cyber policy is far more comprehensive than an extension of coverage offered under another policy.  It covers a broad range of cyber risks and is designed to help mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event.  

What to look for as a cyber insurance buyer 
The number of companies offering cyber liability insurance is constantly expanding and coverage varies by insurer as there is no “standard” form, making it difficult to nail down the best option.

As part of our mission to provide our members with products that benefit its member agents, we have cyber markets for member agencies as well as their clients.

Key elements to cyber liability coverage that you should look for in a cyber liability policy:
1. First Part Costs
Reimburses the Insured for the costs they would incur to respond to a breach, such as IT Forensic Costs, data restoration, breach notification, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).
2. Business Interruption
Provides reimbursement for the Insured’s loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.
3. Third Party Claims
Covers the Insured’s liability to third parties from a failure to keep data secure such as claims for compensation by third parties, investigations, defense costs and fines and penalties from breaching the Privacy Act.
4. Social Engineering
Covers the Insured’s direct financial loss and legal liability to third parties arising from social engineering fraud, spoofing, phishing, phreaking and cyber fraud.

If you’re interested in cyber insurance coverage for your business, please give our office a call at 800-288-4428 / 804-747-9300.


Evolve offers industry-leading cyber liability coverage for IIAV members to sell to their clients and exclusive member rates to cover their agency's cyber liability.

Coverage Highlights:

 

Each and Every Claim Limit

EVO 4.0's first party coverage pays out on an “each and every claim" basis, eliminating an aggregate limit. This gives each policyholder the benefits of full first party coverage limits each time a crisis strikes.

 

Theft of Personal Assets

Senior executive officers' personal assets are now covered from theft in EVO 4.0's expanded crime section. This coverage is intended to protect officers' personal bank accounts in the event hackers compromise their credentials and drain money from their bank accounts.

 
Management Liability

Historically, there has been confusion as to whether a cyber or management liability policy should pay in the event of a suit being made against the directors and officers due to a cyber attack. EVO removes that confusion by providing affirmative cover for liability against senior executive officers if the management liability policy doesn't respond.

Incident Response Costs—Separate Limit

EVO 4.0 has a separate, full, additional limit to manage incident response costs, including forensic investigation and breach notification costs. This is intended to protect the main policy limit to pay for subsequent costs, including potential litigation or regulatory actions. In addition, we offer initial response services with no deductible, as we want to encourage swift engagement.

System Repair Costs

On top of standard data repair and rebuilding your computer systems, we will pay the additional costs and expenses incurred to install a more secure and efficient version of the affected computer system. This version can cost up to 25% more than the cost would have been incurred to repair or replace the original model or license.

 

Evolve Coverage Benefits:

  • $5,000–$10,000 of Risk Management Services (Free)
  • Each & Every Claim: No Aggregate on 1st Party Limits
  • Funds Transfer Fraud: Limit Options $25k, $100k, or $250k+
  • No Risk Management Conditions
  • Theft of Senior Executive Officers' Personal Assets
  • Theft of Funds Held in Escrow
  • Cyber Triggered Management Liability
  • $0 Deductible for Forensic Advice
  • Full Prior Acts 
  • Contingent Business Interruption Full Limits
  • Data Restoration Coverage 
  • Reputational Harm Coverage 
  • 25% System Betterment Coverage
  • Separate Tower Mirroring Policy Limits for Forensics & Attorneys
  • Payment Card Industry Fines, Penalties, Fraud, & Card Re-issuance Coverage

 
Why Use EVOLVE?

  • Industry Leading Cyber Coverage
  • Face to Face Office Sales Training
  • 1-Page Application to Bind Business
  • 24-hour Quote Turnaround Time
  • Industry Specific Cyber Marketing
  • Access to Risk Management Vendors for Policyholders
  • Account Specific Coverage & Limit Comparisons
  • Dedicated Claims Team
  • 6 Free Cybersecurity Risk Management Services

 
For a quote, complete and email application to:  members@iiav.com
Questions:   Give our office a call at 800-288-4428 / 804-747-9300

 
Application with Limit Options up to 3M
5 Reasons Why Insurance Agencies Need Cyber Insurance
6 Free Cyber Security Risk Management Services
Claims Examples relative to Insurance Agencies

How Can Agents Offer Evolve Cyber to their clients?
For more detailed information on how member agencies can sell Evolve Cyber to their clients:
Contact:
Travis Whitmill, Vice President
Evolve
travis@evolvemga.com5 Reasons
(415) 257-2176


Beazley provides a pre-set slot-rated Data Breach Program* for members only with comprehensive coverage, and varied limit options at affordable rates.

Beazley Breach Response is the industry-leading solution for data privacy and security risk management, providing a range of services designed to help your organization respond to an actual or suspected data breach incident effectively, efficiently and in compliance with the law. 

Beazley Coverage Benefits: 

  • HIPAA Compliance Tools
  • Step-by-Step Procedures for Compliance
  • Newsletters
  • Data Breach Coach to Help with Notification
  • Forensic Investigators
  • Privacy Counsel
  • Call Center
  • Credit Restoration Services
  • Up to 50% Off Premium
  • Online Compliance Materials
  • Staff Training Programs
  • Expert Support Online
  • Regulatory Fines & Penalties
  • Public Relations Firm
  • Notification Costs Outside Limit of Liability
  • Credit Monitoring
  • Security & Privacy Liability


* Agencies over $10M in revenue, over 50% benefits or with prior losses need to be underwritten. 


For a quote, complete and email application to:  members@iiav.com
Questions:   Give our office a call at 800-288-4428 / 804-747-9300




Cyber coverage for your agency: IIAV along with Big “I" Markets, (the online market access system available exclusively to Big “I" members) has partnered with Coalition, the leading technology-enabled cyber insurance solution, to give agents access to the cyber and technology errors & omissions insurance markets.

Coalition is the first insurance-enabled technology firm built to help businesses before, during and after a cyber incident. During the online quoting process, your network and web properties undergo an automated risk assessment to identify known issues and potential security weaknesses.

Once coverage is bound, Coalition provides ongoing monitoring for new and emerging threats specific to the information technology used by the insured, adding an extra layer of defense. All policies include a technology-driven approach—which includes automated alerts, threat intelligence and ongoing policyholder monitoring—along with a dedicated claims and security team should a breach occur.

Through the Big “I" Markets platform, any Big “I" member agency can quote and bind insurance online. Big “I" members also have direct access to Coalition's licensed agents and renowned cybersecurity experts via online chat throughout the sales and underwriting process.

Cyber coverage for your clients: With the addition of Coalition, Big “I" Markets now has a complete range of admitted and non-admitted cyber insurance offerings, from automatic-issue, admitted policies for small business to the most complex risks in the surplus lines arena.

To access Coalition, log in to www.bigimarkets.com and select “Cyber Insurance-Coalition."

 

Quote For Your Agency:
View/download Quick Quote Form (this quick quote form is being worked on by LL)

Quote For Your Clients- log in to www.bigimarkets.com and select Cyber Insurance Coalition


Does your agency not fit into our three primary Cyber carrier programs or need additional specialized coverages?  No worries.

In addition to Evolve, Beazley and Coalition Cyber programs, IIAV has access through its brokerage arrangements for Cyber coverage through numerous financially strong carriers.

For a quote, please give our office a call at 800-288-4428 / 804-747-9300.