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:
- Targeted, industry specific policy forms
- Clear, concise policy language
- Cross selling opportunities
- Standard 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 profession.
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 advice.
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 govern.
SOURCE Hiscox
