XL Catlin Unveils New Cyber Suite For Design Professionals
Zacks Investment Research | Oct 12, 2016 10:04PM ET
XL Catlin, the global brand name used by XL Group Ltd. (NYSE:XL) , recently added cyber insurance to its professional liability insurance offerings. This will serve to be an optional coverage for architects, engineers and other design businesses.
Given the dependence of design professionals on technology in the day-to-day project management and client relationship activities, XL Catlin’s Design Professional team is expected to be better armed to serve such customers with this newly added coverage. XL Catlin has combined its expertise in both design professional and cyber insurance to develop this insurance coverage that will allow clients to address technology-driven business exposures and glitches. As a result, clients will now be able to better protect their businesses from complex cyber breaches.
In the modern era of technology, any incident of a network hack or a random computer virus can hurt the goodwill and reputation of a design firm. Given the growing number of cyber breaches, this sophisticated suite of cyber coverages will be a significant and timely improvement to XL Catlin’s cyber insurance portfolio.
The new cyber suite, which will be part of XL Catlin’s Design Professional liability, has dedicated policy cyber limits. The product will offer design professional firms privacy & network security liability insurance protection, data breach response and supplementary payments coverages. These coverages will also help the Design Professional team to address and solve issues like privacy violations, data breach, extortion incident costs, crisis event expenses, and several others.
Further, the new cyber insurance will provide access to a dedicated 24x7 data breach hotline and other cyber management resources available on XL Catlin’s Design Professional’s Learning Management System.
Last month, XL Catlin’s insurance operations in France launched a cyber insurance solution for mid-sized businesses to help the clients protect their businesses from risks related to data management, data safety, the impact of a network breach. The solution will also cover various costs associated with cyber incidents through a combination of third party liability and first party loss coverage.
The property and casualty (P&C) insurer has been improving its organic profile through strategic initiatives that will not only boost its client base but also enhance its revenues.
Currently, XL Group carries a Zacks Rank #3 (Hold).
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