Data breach and wire fraud protection

for investment advisors

Wire fraud protection coverage
Fidelity coverage

  • 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 and privacy liability
Liability coverage
  • 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.
Data breach loss to insured
Occurrence 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
Breach mitigation expense coverage
Extra expense coverage
  • 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
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.