Our Privacy and Network Security Insurance policies are designed to cover the risks associated with operating in todays technology driven business environment. Privacy and Network Security policies are (E&O) insurance policies that protect companies from both first party and third party exposures relating to unauthorized or unintential disclosure of confidential information to others. Our Privacy and Network Security policies address such errors and omissions insurance exposures as:
- First Party Exposures
- Forensic accounting and IT Professional costs to identify the scope of the exposure.
- The Cost of notification to parties affected which can include certified mail.
- The cost of personnel to field phone calls and letters.
- The cost of providing credit reporting services to those affected.
- Marketing costs associated with defusing the situation and repairing the company’s image.
- Third Party Exposures
- Claims relating to the unauthorized/unintended disclosure of confidential information
- Claims relating to software failure
- Claims relating to unauthorized access to your computer systems
Commercial real estate claims relate to practically every area of a real estate transaction. In several instances our broker was sued because a property failed to achieve a sales or rental price consistent with expectations. One recent claim involving this issue involved a suit for $20+ million. The case was ultimately dismissed against our broker; however, in excess of $200,000 was spent defending this claim and it was recently appealed. Another similar suit in our office was for $8 million and is still in litigation.
A look at First Party Exposures click here to read “Cyber Risk – First Party Exposures” by Mike Smith (PDF).
Please feel free to call to discuss your Company’s needs with one of our licensed professionals.