ACE Group announces privacy and network liability coverage for private Canadian companies

ACE Group, one of the world’s largest multiline property and casualty insurers with operations in 54 countries, announced on Wednesday privacy and network liability coverage for private companies in Canada. The new offering includes the option to add the same broad privacy and network liability coverage that ACE offers on a standalone basis.

“ACE’s private company policy offers a flexible modular approach to purchasing management liability insurance, which already includes coverage options for D&O (directors and officers), employment practices, fiduciary and crime,” said Bobbie Goldie (pictured below), vice president of ACE Professional Risk in Canada, in a press statement. “With the addition of a privacy and network liability option, ACE’s private company practice is the first to offer clients in Canada the benefit of full privacy coverage, without the need to purchase a separate policy.”

The statement said that the “innovative management liability coverage” policy option includes access to ACE’s Data Breach Team, a panel of independent professional service providers who have the capabilities and experience to help policyholders execute their data breach responses when information is lost or compromised. The independent panel includes specialists in the legal, computer forensic, notification, call centre, public relations, fraud consultation, credit monitoring and identity restoration service areas.

Highlights of the coverage includes:

• Privacy Liability – covers loss arising out of the organization’s failure to protect sensitive personal or corporate information in any format; provides coverage for regulatory proceedings brought by a government agency;

• Data Breach Fund – covers expenses for forensic investigation, notification and credit monitoring for affected individuals and crisis management services;

• Network Security Liability – covers liability of the organization arising out of the failure of network security, including unauthorized access or unauthorized use of corporate systems, a denial of service attack, or transmission of malicious code; and

• Options for network extortion, business interruption and digital assets coverage.

ACE in Canada operates as ACE INA Insurance and ACE INA Life Insurance, subsidiaries of ACE Limited. ACE provides commercial property and casualty and life, accident and health insurance products and services throughout Canada.