Hiscox adds Crime and Data Breach and Privacy options to Hiscox Professional
NEW YORK, June 12, 2013
NEW YORK, June 12, 2013 /PRNewswire/ --Hiscox, the international specialist
insurer, today launched phase two of their Hiscox Professional Liability
Portfolio, adding two additional coverage options to the existing portfolio.
Professional Services Firms can now add Crime and Data Breach and Privacy
Security Liability, in addition to General Liability coverage to their Hiscox
Professional Liability policies. Hiscox Professional Liability Portfolio
launched in February with industry specific forms for occupations needing
Allied Healthcare (AHC), Architects & Engineers (A&E) and Miscellaneous
Professional Liability (MPL) insurance coverage. Simplified policy language
and the ability to cross-sell new coverages to clients are the hallmarks of
the Hiscox Professional Liability Portfolio.
Crime is an ongoing risk for organizations of all sizes. A typical
organization can lose 5% of its overall revenue to fraud each year with
private companies being the most frequent victims and suffering the highest
median loss. 49% of organizations that are victims of fraud do not recover
(via insurance or other methods) any of those losses. (Association of
Certified Fraud Examiners 2012 study).
Data Breach is another growing risk for professional service firms. Small- to
medium-sized companies lose an average of $188,242 per breach, and two-thirds
of victimized companies went out of business within six months of the breach
(Symantec Corporation 2013 Internet Security Threat Report. Vol. 18).
"Crime, Data Breach and Privacy and General Liability coverages are in demand
and the ability to add these to our tailor made professional liability
portfolio in one policy is a major benefit for brokers and our insureds," said
Liz Kim, Principal Underwriting Counsel, Hiscox USA. "Hiscox Professional
Liability Portfolio is specifically designed to adapt and provide coverage
based on the specific needs of each client across the product spectrum. Our
brokers now have access to greater options and products to offer a unique
blend of coverage under one individual policy."
Hiscox Professional Liability Portfolio provides specialized insurance that
addresses the risks and challenges of a variety of professions – from beauty
salons/day spas to real estate developers to consultants. Brokers can
customize coverage, now including Crime, Data Breach and Privacy Security
Liability and General Liability coverage on AHC, A&E and MPL policies,
affording greater protection to their clients' business.
Hiscox Professional Liability Portfolio offers:
oTargeted, industry specific policy forms
oClear, concise policy language
oCross selling opportunities
oStandard general terms and conditions for all lines of business
Industry specific forms allow for further customization of coverage more
directly related to the threats and exposures present for a specific
For full details of the new policy form and coverages please refer to: Hiscox
Professional Liability Portfolio.
About Hiscox in the US
Hiscox, the international specialist insurer, is headquartered in Bermuda and
listed on the London Stock Exchange (LSE: HSX). There are three main
underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe
and Hiscox International. Hiscox International includes operations in
Bermuda, Guernsey and the USA. Hiscox Syndicates Ltd is authorized by the
Prudential Regulation Authority and regulated by the Financial Conduct
Authority and Prudential Regulation Authority. The ability of syndicates at
Lloyd's to do business in the USA, and its territories, is restricted as they
are not US-based insurers. Hiscox Underwriting Limited and Hiscox ASM Limited
are authorized and regulated by the Financial Conduct Authority.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox
Insurance Agency in CA, is a licensed insurance intermediary for admitted and
surplus lines business. Hiscox Inc. underwrites on behalf of, and places
business with, Hiscox Insurance Company Inc., other domestic insurers, and
syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. (NAIC
Number 10200) is a Chicago, IL domiciled insurer, which is admitted or
licensed to do business in all 50 states and the District of Columbia.
Inquiries as to insurance or other products or services should be directed to
an insurance agent or broker licensed to conduct business in the relevant US
state. For further information about an insurer's ability to do business in
the USA and US territories please contact a licensed agent or broker for
This communication provides general information on Hiscox's products and
services only and is not intended to be, and does not constitute, a
solicitation of business by syndicates at Lloyd's from or in respect of the
USA or US territories. Coverages are subject to underwriting and may not be
available in all states. The information contained herein is not a part of an
insurance policy, and may not be used to modify any insurance policy that
might be issued. In the event the actual policy forms are inconsistent with
any information provided herein, the language of the policy forms shall
Contact: Hunter Hoffmann, 646-442-8341, firstname.lastname@example.org; Steven
Bodakowski, 212-279-3115 ext. 141, email@example.com
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