Certain companies worried about Internet security can buy new insurance protection to help their executives sleep better.
Insurance for Internet-related crime and expanded coverage for losses caused by certain third-party vendors are among the features provided under policy endorsement just added to the American International Group’s netAdvantage product suite.
Under the endorsement, insureds can get coverage for third-party, computer-system hosting companies.
The endorsement will be available exclusively to clients of Marsh, the big insurance broker.
The netAdvantage suite provides up to $25 million in insurance. The risk exposures covered include Internet liability; Web media and content liability; Internet professional errors and omissions liability; first-party loss and damage to data; and E-revenue business interruption stemming from computer attacks.
The new endorsement, named Net Secure Amendatory, will expand the suite’s Internet-related crime coverage for direct loss of money and securities resulting from the failure of an insured’s network security system.