RICHMOND, Va., Dec. 10 /PRNewswire-FirstCall/ -- Markel Corporation is pleased to announce the launch of DataBreach(SM), its new information risk and privacy liability insurance product. DataBreach(SM) helps businesses manage risk associated with their reliance on information technology systems as it relates to confidential information in their custody or care.
DataBreach(SM) was created in response to the increase in identity theft that has been plaguing businesses worldwide in the past few years. It provides coverage for liabilities arising out of the breach of a company's duty to protect confidential information, whether it's on their website, network, the hard drive of a laptop, or in a paper file. The coverage also extends to a businesses liability arising out of an employee's misuse of his/her access to confidential information.
Due to the rise in identity theft, in recent years the government has stepped in by imposing data privacy regulations upon businesses that store personal information. Given that, businesses that must comply with HIPAA, GLB and Red Flag rules would find DataBreach(SM) of particular value.
Gerry Albanese, Markel Corporation's chief underwriting officer, said of the new coverage: "We're very pleased to bring DataBreach(SM) into the marketplace. With identity theft on the rise, the timing couldn't be better. The coverage offers businesses needed protection against the type of liability typically connected with unauthorized access to computer or other information systems."
DataBreach(SM) offers many desirable features, some of which follow:
-- Liability coverage for identify theft, breach of privacy, failure to protect confidential client data, transmission of spyware, viruses and other malicious code.
-- No sub-limit for defense of data privacy regulatory investigations.
-- Breach Mitigation coverage for notification, voluntary credit monitoring and public relations expenses
-- First party coverage for extortion, extra expense and restoration costs arising from an unauthorized access.
-- Electronic media coverage for non-media companies.
Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value. For more information on the Markel Group of companies, please visit www.markelcorp.com.
|SOURCE Markel Corporation|
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