NEW YORK, Apr 03, 2012 (BUSINESS WIRE) --
Chartis today introduced CyberEdge Tower(SM), an insurance solution that provides catastrophic network security and privacy protection. As companies struggle to balance self-insurance with the increased prospects of a material cyber event, CyberEdge Tower offers a compelling value proposition. It provides total aggregate limits of liability of up to $100 million that are structured to allow the insured to cost-effectively retain up to the first $50 million of loss. The solution will be delivered via the Chartis insurers’ market-leading Specialty Risk Protector® insurance policy.
With growing concern about catastrophic cyber security and privacy exposures, as well as the likelihood of increased regulation and enforcement, companies are proactively addressing cyber risk and insurance disclosures. The SEC’s recent Disclosure Guidance on Cybersecurity makes it clear that cybersecurity risks should be elevated from an IT department issue to a boardroom priority. Accordingly, companies are reconsidering whether they can, or should, retain all of the potential risk of a cyber incident.
“Before the CyberEdge Tower solution, companies with large cyber exposures had limited cost-effective options and were primarily self-insuring,” said Chandra Metzler, Product Line Executive, Chartis Financial Lines, U.S. and Canada.
CyberEdge Tower provides customers with the benefit of Chartis’ cutting-edge insurance solutions and unparalleled claims handling, while allowing companies to retain the cost advantage of funding their own losses.
Marty Scherzer, Head of Global Risk Solutions at Chartis, said, “Our new solution delivers an innovative insurance tool that can help companies better manage their cyber risks.”
For more information about this offering, please e-mail [email protected], or visit http://www.chartisinsurance.com/us/cyberedge .
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc.
For additional information, please visit our website at http://www.chartisinsurance.com.
All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language.
Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.