SAN FRANCISCO, April 16, 2014 (GLOBE NEWSWIRE) -- Beazley, the pioneer in breach response insurance, today announced significant new enhancements to the company's flagship product, Beazley Breach Response (BBR). The enhancements, which will come standard on all future BBR policies, include expanded privacy breach response services and broader coverage. The updates will further improve Beazley insureds' ability to respond to breach incidents and to be protected against any resulting liability.
"The risk of a data breach grows larger every day, and at Beazley that means we must continue to pursue new and innovative solutions to insure our clients against every type and scale of data loss," said Mike Donovan, Global Leader of Beazley's Technology, Media, and Business Services team. "With this update, Beazley's coverage is adapting to the ever-changing cyber landscape to offer a more refined, streamlined and ultimately more effective policy to our customers."
Beazley is broadening the selection of US and international services providers. Canadian and other non-U.S. residents will now be eligible to receive privacy breach response services, which will allow companies to reach an expanded base of customers in the event of a breach incident.
The selection of credit monitoring products available for use in response to a covered breach incident has also been expanded. New credit monitoring options include Equifax Complete™ for residents of Canada and Experian's ProtectMyID for residents of the United Kingdom. Beazley will also partner with ConsumerInfo.com, an Experian company, to offer a service for individuals with limited or no Experian credit history that monitors for the creation of an Experian credit file.
The new policy also includes an Information Security Incident Response Guide, developed in partnership with Navigant (NYSCE:NCI), a leader in complex data management and forensics analysis, to equip insureds with a roadmap to prepare for and manage the aftermath of a data security breach.
Public relations and crisis management expenses are also now included as privacy breach response services, and Beazley has expanded the available limit of coverage available for the provision of computer expert services, legal services and public relations and crisis management expenses up to $2.5 million.
"Beazley is committed to evolving our product and providing the best risk mitigation coverage to those we insure," said Donovan. "We believe these enhancements improve vital components of our existing policy, such as broadening notification services to include non-US residents, as well as enabling us to expand credit monitoring and data protection coverage to meet our clients' changing needs."
Note to editors:
Beazley, a leading specialist insurer, pioneered data breach response insurance, launching Beazley Breach Response (BBR) in 2009. BBR is a unique insurance, loss control and risk mitigation service that notifies and protects the customers of policyholders that have suffered a data breach. Coverage includes forensic and legal assistance, notification costs, credit monitoring services for each person notified, loss prevention services and identity theft-related fraud resolution services.
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2013, underwrote gross premiums worldwide of $1,970.2 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com.
CONTACT: Mike Donovan 415 263 4050