EXTON, Pa., Oct. 12, 2016 /PRNewswire/ -- To help architectural and engineering firms stave off the financial and reputation consequences of potential cyber incidents, XL Catlin has added cyber insurance as an optional coverage to its professional liability insurance for architects, engineers and other design businesses.
According to Doug Strong, Chief Underwriting Officer for XL Catlin's Design Professional insurance business, "From laptops to smartphones to interfacing with complex integrated design software, design professionals rely on technology just as much as any industry in their day-to-day project management and client relationship activities. One cyber incident can significantly compromise all that they and their firms have worked hard to build. We've paired up our expertise in both design professional and cyber insurance, to deliver coverage to help our clients address today's new and emerging online and technology-driven business exposures."
"A stolen laptop, a network hack or random computer virus can create enormous and costly consequences for a design firm's practice and reputation," according to Joe Reynolds, XL Catlin's Design Professional Executive Underwriter. "With cyber exposures growing exponentially, making this suite of contemporary cyber coverages available as part of our Design Professional liability policy is a convenient and timely enhancement."
Available under XL Catlin's Design Professional liability policy form, XL Catlin's Cyber Suite for Design Professionals coverage, with dedicated policy cyber limits, offers design professional firms:
- Privacy & Network Security Liability insurance protection to address a variety of scenarios, including:
- Loss of or failure to protect Personally Identifiable Information and Confidential Business Information such as proprietary drawings, designs, customer requirements and specifications;
- Violation of any privacy or date breach reporting laws/regulations;
- Wrongful acts of rogue employees;
- Transmission of malware to third-parties.
- Data Breach response coverage to address associated costs such as:
- Voluntary notification to breach victims,
- Forensic investigations,
- Extortion incident costs and payments,
- Providing credit and identity protection and restoration services.
- Supplementary Payments coverage to address costs associated with:
- Crisis Event Expenses
- Administrative and Regulatory expenses
XL Catlin's new Cyber Suite for Design Professionals also offers access to a dedicated 24/7 data breach hotline and other cyber management resources available on XL Catlin's Design Professional's Learning Management System.
XL Catlin's Design Professional business provides professional liability insurance for architects, engineers and design consultants. Coverage is available for firms of all sizes and disciplines. XL Catlin's design professional coverage is accompanied by a variety of loss prevention assistance and risk management assistance including continuing education courses and access to XL Catlin's Contract eGuide to help firms incorporate strong contract language.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group ltd.'s (NYSE: XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xl-catlin-adds-cyber-insurance-protection-for-design-professionals-300343467.html
SOURCE XL Catlin