Cyber Insurance (Canada)
Tired of constantly hearing of about the risk of cyber attacks without being offered an easy and cost-effective insurance solution? At Pen we would rather help than scare. That’s why we are selling our insurance cover on its strengths: people, process and policy wording.
Pen Underwriting’s specialist cyber insurance team is headed up by Adrian Scott, who played a key role in the development of the cyber insurance market in the US. Adrian’s expertise means that we have been able to develop an incredibly simple e-traded insurance product.
Unlike most insurers who have an underwriting process with long applications, brokers can get a quote from our new e-trading platform, Pen Central, by answering a few simple questions.
And the questions aren’t difficult. If your client has a Head of IT, they will be able to answer them easily. If your client is a sole trader, they should be able to answer the questions themselves. You should be able to complete the form in 2-3 minutes – test it and see. Once your client approves the quote, it takes only a few more minutes to complete the binding process.
And the simplicity of the process doesn’t mean our insurance is limited – on the contrary, we offer one of the broadest wordings on the market. Check out the list of the covers and see for yourself.
Who Qualifies?
We have a very broad appetite. Any company with up to £600M in revenue can be considered for cover.
Our only industry exclusions are:
- Payment Processors
- Direct-Marketing companies
- Internet Service Providers
- Companies providing interactive consumer healthcare information websites
What's covered?
- Breach costs
- Costs for damage to data or programs
- Insured’s network failure - income loss and extra expense
- Cyber extortion and ransomware
- Network security, privacy and confidentiality liability
- Network security, privacy liability (regulatory)
- Multimedia liability
- Cyber terrorism
- Payment card industry data security standard – fines penalties and assessments
EXTENSIONS:
- Outsource service provider or cloud service provider failure - Income loss and extra expense.
- e-Theft
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