PI Protect launches SME cyber solution
12 May 2014
Cyber liability product spans critical coverage areas
Professional Indemnity Protect Limited (PI Protect), part of Barbican Insurance Group, has today announced the launch of a new cyber liability insurance product designed specifically to meet the cyber security needs of the SME market and smaller corporate risks.
The cyber liability policy spans a number of critical coverage areas. These include: security and privacy liability; multimedia liability; privacy regulation defence and penalties; crisis management, customer notification, support and monitoring expenses; data recovery and loss of income; and data extortion.
In addition to the comprehensive coverage provided by the policy, businesses benefit from access to specialist cyber liability claims handling and loss adjusting services. The product is provided exclusively through PI Protect’s broker partner network and is available as standalone cover as well as part of an overarching PI programme.
Commenting on the launch of the new product, William Hall, head of underwriting at PI Protect, said: “The cyber risks faced by commercial clients are growing exponentially, and are evolving at a speed which is often outpacing many advances in cyber security measures. By providing a comprehensive and cost-effective cyber liability solution, we aim to give our clients the confidence to operate in an increasingly risk-exposed electronic environment.”
PI Protect, Barbican, William Hall, cyber, SME
Barbican Insurance Group
+44 (0)20 7082 1910
Allen & Clapham
+44 (0)7988 478 824
Notes to Editors
Professional Indemnity Protect Limited www.piprotect.com
Professional Indemnity Protect Limited is a specialist provider of professional indemnity insurance and assists supporting brokers with technical and regulatory issues. In addition, the company provides directors’ & officers’ and charity liability insurance.
PI Protect is a Managing General Agency with capacity and security provided by Barbican Syndicate 1955 at Lloyd's. PI Protect is authorised and regulated by the Financial Conduct Authority.
Barbican Insurance Group www.barbicaninsurance.com
Formed in 2007, Barbican Insurance Group underwrites business predominantly through its Syndicates at Lloyd’s. It also has a non-Lloyd’s financial solutions business based in Guernsey which offers insurance and reinsurance programmes to the global market and a number of service companies including Barbican Underwriting Limited, Castel Underwriting Agencies Limited, Professional Indemnity Protect Limited and Seacurus Limited. Barbican Syndicates at Lloyd’s have a stamp capacity of £250m for the 2014 year of account and underwrite marine, aviation and transport re/insurance, property re/insurance and specialty lines including casualty reinsurance, cyber liability, healthcare liability, financial and professional lines and professional indemnity.