Risk Management

Anti-Hacker Insurance Offered

Under a new insurance-policy endorsement, insureds can get coverage for third-party, computer-system hosting companies.
CFO StaffApril 6, 2001

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.

4 Powerful Communication Strategies for Your Next Board Meeting