BALA CYNWYD, Pa., Jan. 19 /PRNewswire/ -- Philadelphia Insurance Companies (PHLY) is excited to introduce its new Cyber Security Liability product, a comprehensive cyber liability solution tailored for small and middle-market customers. Cyber Security Liability offers both First and Third Party coverages in one comprehensive package. This product will be filed countrywide in the coming months.
"Cyber Security Liability is an important new addition to the PHLY product suite. We designed the product to meet the coverage needs of accounts in the small and middle market, which we define as having up to $500 million in annual revenues. We are excited to roll this out to our producer network and our extensive base of existing and potential customers," remarked Thomas R. Herendeen, Vice President of Management and Professional Liability Underwriting.
Coverage parts available include Loss of Digital Assets, Non-Physical Business Interruption, Network Security and Privacy Liability, Electronic Media Liability, Cyber Extortion, Customer Notification and Public Relations Expense. Most classes are acceptable; however, prohibited classes include financial institutions, on-line retailers, credit card processors, law firms, hospitals and colleges / universities. Coverage is available on a non-admitted basis currently with policy limits up to $5 million.
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. In operation since 1962, the Company, whose commercial lines insurance subsidiaries are rated A+ (Superior) by A.M. Best Company and AA- for counterparty credit and financial strength by Standard & Poor's, is nationally recognized as a member of Ward's Top 50 and National Underwriter's Top 100. The organization has 50 offices strategically located across the United States to provide superior service.
Philadelphia Insurance Companies is the marketing name for the property casualty insurance operations of Philadelphia Consolidated Holding Corp., a Member of the Tokio Marine Group. In the United States, all products are written by insurance company subsidiaries of Philadelphia Consolidated Holding Corp. Coverage may not be available in all jurisdictions and is subject to actual policy language. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. Non-insurance products and services may be provided by independent third parties.
To locate the office nearest you or for more information, visit us on the web at www.phly.com or contact Marisa Thornton at 610-538-2260.
SOURCE Philadelphia Insurance Companies