Hiscox adds Crime and Data Breach and Privacy options to Hiscox Professional Liability Portfolio

NEW YORK, June 12, 2013 /PRNewswire/ -- Hiscox, the international specialist insurer, today launched phase two of their Hiscox Professional Liability Portfolio, adding two additional coverage options to the existing portfolio. Professional Services Firms can now add Crime and Data Breach and Privacy Security Liability, in addition to General Liability coverage to their Hiscox Professional Liability policies.  Hiscox Professional Liability Portfolio launched in February with industry specific forms for occupations needing Allied Healthcare (AHC), Architects & Engineers (A&E) and Miscellaneous Professional Liability (MPL) insurance coverage.  Simplified policy language and the ability to cross-sell new coverages to clients are the hallmarks of the Hiscox Professional Liability Portfolio.

Crime is an ongoing risk for organizations of all sizes. A typical organization can lose 5% of its overall revenue to fraud each year with private companies being the most frequent victims and suffering the highest median loss. 49% of organizations that are victims of fraud do not recover (via insurance or other methods) any of those losses. (Association of Certified Fraud Examiners 2012 study).

Data Breach is another growing risk for professional service firms. Small- to medium-sized companies lose an average of $188,242 per breach, and two-thirds of victimized companies went out of business within six months of the breach (Symantec Corporation 2013 Internet Security Threat Report. Vol. 18).

"Crime, Data Breach and Privacy and General Liability coverages are in demand and the ability to add these to our tailor made professional liability portfolio in one policy is a major benefit for brokers and our insureds," said Liz Kim, Principal Underwriting Counsel, Hiscox USA.  "Hiscox Professional Liability Portfolio is specifically designed to adapt and provide coverage based on the specific needs of each client across the product spectrum.  Our brokers now have access to greater options and products to offer a unique blend of coverage under one individual policy."

Hiscox Professional Liability Portfolio provides specialized insurance that addresses the risks and challenges of a variety of professions – from beauty salons/day spas to real estate developers to consultants.  Brokers can customize coverage, now including Crime, Data Breach and Privacy Security Liability and General Liability coverage on AHC, A&E and MPL policies, affording greater protection to their clients' business.

Hiscox Professional Liability Portfolio offers:  

• Targeted, industry specific policy forms
• Clear, concise policy language
• Cross selling opportunities
• Standard general terms and conditions for all lines of business

Industry specific forms allow for further customization of coverage more directly related to the threats and exposures present for a specific profession. 

For full details of the new policy form and coverages please refer to: Hiscox Professional Liability Portfolio.

About Hiscox in the US
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX).  There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International.  Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox Syndicates Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.  The ability of syndicates at Lloyd's to do business in the USA, and its territories, is restricted as they are not US-based insurers. Hiscox Underwriting Limited and Hiscox ASM Limited are authorized and regulated by the Financial Conduct Authority.

Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business.  Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. (NAIC Number 10200) is a Chicago, IL domiciled insurer, which is admitted or licensed to do business in all 50 states and the District of Columbia.

Inquiries as to insurance or other products or services should be directed to an insurance agent or broker licensed to conduct business in the relevant US state.  For further information about an insurer's ability to do business in the USA and US territories please contact a licensed agent or broker for advice.

This communication provides general information on Hiscox's products and services only and is not intended to be, and does not constitute, a solicitation of business by syndicates at Lloyd's from or in respect of the USA or US territories. Coverages are subject to underwriting and may not be available in all states.  The information contained herein is not a part of an insurance policy, and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.

SOURCE Hiscox