[January 28, 2013] |
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ACE USA Expands Privacy Protection with Unique Data Breach Fund Sidecar
PHILADELPHIA --(Business Wire)--
ACE USA, the U.S.-based retail operations of the ACE Group, today
announced a ground-breaking option for ACE Privacy Protection
policyholders, through enhancements to its industry leading Data Breach
Team Endorsement. The new Data Breach Fund Sidecar Endorsement
eliminates tiered sub-limits and provides a single data breach fund
limit, one that falls outside the policy's liability limits for all data
breach expenses. The ACE Data Breach Team is a panel of independent
legal, computer forensic, notification, call center, crisis
communications, fraud consultation, credit monitoring, and identity
restoration firms. For the first time, policyholders can obtain both the
ACE Data Breach Team and a single data breach expense limit, separate
from the policy's liability limit - an option that is unequaled in the
marketplace.
"ACE recognizes that small and mid-size organizations have a need for a
robust post-breach response, and the ACE Data Breach Team is especially
qualified to address these needs through our experienced data breach
coach, superb vendors, and industry-focused expertise," said Toby
Merrill, Vice President, ACE Professional Risk. "This is the first and
only sidecar program to address data breaches, and we're excited to be
able to announce it on Data Privacy Day."
Michael Tanenbaum, Senior Vice President, ACE Professional Risk, added,
"Organizations face significant liability when confidential client or
proprietary information is lost or compromised. With the introduction of
the Data Breach Fund Sidecar Endorsement, ACE provides expanded coverage
for our policyholders, including taking data breach expenses outside of
the policy limit."
ACE Professional Risk helps firms mitigate the financial and
reputational risks associated with privacy breaches. The ACE Data Breach
Team, combined with one of the Data Breach Team Endorsement options,
bridges the gap between risk transfer and purchased loss control,
creating a comprehensive risk management program for privacy, data
breach, and network security risk.
Data Breach Team Endorsement enhancements include:
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Coverage for Regulatory Communications, including:
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Payment for legal services to communicate with a regulator before
a formal investigation
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Coverage for the Data Breach Coach or another law firm on the Data
Breach Team panel
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Self-insured retention for a Regulatory Proceeding, which is
eroded by Regulatory Communications coverage
-
Forensics coverage, which now responds to any failure to protect
Personal Information, and is no longer limited to network security
failures
The new Data Breach Fund Sidecar Endorsement benefits include:
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All of the benefits already provided by the Data Breach Team
Endorsement
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Expanded coverage for insureds with less than $1 billion in annual
sales revenue
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Data Breach Fund Sidecar limit outside of the standard policy limits
-
Sidecar limit intact, even when standard policy limits have been
exhausted
-
Tiered sub-limits removed, providing a single limit for all data
breach expenses, including expenses incurred to retain services for:
the Data Breach Coach, forensics, complying with Privacy Regulations,
Regulatory Communications, legal services, notification services
(statutory and voluntary), call center services, public relations,
credit monitoring, identity monitoring, and fraud consultation
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Sidecar limit offered at 50 percent of the Privacy Liability limit on
a standard basis (customers are able to purchase lower limits if
requested)
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No retention for Data Breach Coach expenses
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Simplified structure to allow brokers and clients to build excess
programs above ACE limits
ACE's Data Breach Fund Sidecar Endorsement offers the expanded coverage
and services needed to help small and mid-sized organizations mitigate
and manage the rising risk and expense of data breaches, creating a
comprehensive risk management program for privacy, data breach, and
network security risk.
ACE Professional Risk, a division of ACE USA, is staffed by a
specialized team of innovative underwriters and provides management
liability and professional liability products throughout the U.S. For
more information about ACE Professional Risk and its range of products
and services, please visit
our website.
Product highlights are summaries only; please see the actual policy for
terms and conditions. Products may not be available in all locations and
remain subject to ACE Professional Risk's underwriting criteria. ACE USA
shall not be a party to any agreement entered into between any Data
Breach Team service provider and an ACE policyholder. It is
understood that Data Breach Team service providers are
independent contractors and are not agents of ACE USA. ACE USA assumes
no liability arising out of any services rendered by a Data Breach Team
service provider.
ACE USA is the U.S.-based retail operating division of the ACE Group,
headed by ACE Limited, and is rated A+ (Superior) by A.M. Best Company
and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting
companies, provides insurance products and services throughout the U.S.
Additional information on ACE USA and its products and services can be
found at www.acegroup.com/us.
The ACE Group is one of the world's largest multiline property and
casualty insurers. With operations in 53 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident supplemental health insurance, reinsurance, and life insurance
to a diverse group of clients. ACE Limited, the parent company of the
ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index. Additional information can be found at: www.acegroup.com.

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