Data breach and wire fraud protection
for investment advisors
Wire fraud protection coverage
Data breach and privacy liability
- Reimburses the named insured for:
- Loss due to the fraudulent transfer of client's funds because of fraudulent email from a person acting as your client
Data breach loss to insured
- Claims made a reported (with a 60 days reporting window)
- Coverage for liability arising from Unauthorized Access or Potential Unauthorized Access of the Named Insured’s Electronic Communications System (“ECS”), including compromise of private or confidential information.
- Broad definition of unauthorized access includes:
- Breach of the named insured’s security measures, systems or procedures.
- Inadvertent transmission of fraudulent or destructive instructions or code, including viruses and malicious code.
- Use of the named insured’s ECS to launch a denial of service attack.
- An extortion demand or credible threat of attack.
- Theft or loss of paper records.
- Coverage afforded on a pay on behalf of basis with the insurer having the duty to defend, including defense up to the limit of liability, of charges or administrative proceedings brought by a governmental agency.
- Coverage sub-limit dedicated to regulatory fines and penalties.
- Coverage afforded for unauthorized access by employees and other authorized users.
Breach mitigation expense coverage
Extra expense coverage
- Indemnification for first party losses by the named insured arising from unauthorized access of the named insured’s ECS.
- Loss includes:
- Forensic expense and reasonable expense incurred by the named insured to restore the named insured’s ECS.
- Extra expense incurred by the named insured to continue to conduct business while the named insured’s
ECS is being restored.
- Loss of money, securities, bonds or other similar financial instruments with monetary value, when
misappropriated by a third party.
- Payment of an extortion demand
- Reimburses the named insured for costs incurred for:
- The services of a public relations professional, or other publicity expenses that are recommended by a public relations professional to respond to adverse publicity in the media, that is the result of an unintentional data compromise.
- Expenses that are incurred to comply with a security breach notice law and that are the result of an unintentional data compromise.
- Voluntarily providing credit monitoring services for individuals affected by an unintentional data compromise.
- Extends to private data entrusted to a third party.
- Not subject to a deductible and not part of the policy limits of liability. Higher limits available by endorsement.
Media liability coverage
- Claims made and reported (within 60 day reporting window).
• Coverage for liability which arises from the content on the named insured’s website or intranet.
• Electronic media injury includes:
- Libel, slander, defamation or other forms of disparagement.
- Invasion of privacy.
- Copyright infringement.
- Plagiarism or misappropriation of ideas.
- Infliction of emotional distress, mental anguish and malicious prosecution.
*Coverage is subject to conditions and exclusions described in the policy. For complete terms and conditions, refer to the policy itself.