TORONTO, June 15 2009 – ACE Canada, the Canadian-based operating division of the ACE Group, today announced the launch of ACE DigiTech(SM), a robust errors and omissions product designed for the Canadian technology market. The newly-launched ACE DigiTech digital technology and professional liability insurance program offers up to $20 million in limits and provides comprehensive technology-based professional liability coverage, and related state-of-the art network security, privacy protection, and cyber extortion coverage.
ACE DigiTech addresses the evolving and increasingly costly risk of doing business in the digital age, including liability arising out of the abuse of computer networks and the loss of sensitive customer or business partner information. Privacy liability coverage extends to hacker attacks and the unintentional release of information, as well as the cost of combating post-breach stakeholder fallout. Recognizing that the cost of overcoming loss of consumer and investor confidence can be significant, ACE DigiTech will also provide a data breach fund to cover the insured’s expenses to notify customers whose personal information has been compromised. This fund covers such costs as legal, public relations and crisis management services to restore a company’s reputation.
“Today’s companies operate in a high-risk business arena, where network and information risks evolve at lightening speed and can hit corporate reputations and balance sheets particularly hard,” said David Brosnan, Chief Executive Officer of ACE Canada. “Highly-publicized incidents involving the theft or accidental loss of sensitive consumer data have brought identity theft and the potential for related liability to the forefront. Against this backdrop, companies gain a competitive advantage through prudent network security and information management practices.”
“In addition to client needs and emerging technology risks, ACE’s years of claims experience in handling technology and privacy matters has provided us with the necessary insight to truly understand the intricacies of these very complex events,” said Michael Trendler, Vice President, ACE Professional Risk. “We have also seen a significant increase in the number of privacy incidents. As a result, we worked to strengthen those aspects of our products.”
- Technology and Internet errors and omissions: Covers acts, errors or omissions in the provision of technology services or the sale of technology products.
Additional coverage available:
- Data breach fund: Covers first and third party expense, forensic, consumer notification, legal and credit monitoring expenses.
- Electronic media liability: Covers infringement of copyright or trademark, invasion of privacy, libel, slander, plagiarism or negligence arising out of Internet content.
- Network 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. In addition, provides coverage for regulatory proceedings brought by a government agency alleging the violation of any provincial, federal, territorial or foreign identity theft or privacy protection legislation.
- Privacy liability: Covers loss arising out of the organization’s failure to protect sensitive personal or corporate information in any format.
- Cyber extortion: Covers extortion monies and associated expense arising out of a criminal threat to release sensitive information or bring down a network unless consideration is made.
- Miscellaneous professional liability: Covers acts, errors or omissions in the provision of services beyond technology services.
(*)Product highlights are summaries only; please see actual policy for terms, conditions and exclusions. Products remain subject to ACE Professional Risk’s underwriting criteria.
About ACE Canada
ACE Canada(R) refers to ACE INA Insurance and ACE INA Life Insurance, subsidiaries of the ACE Group of Companies, headed by ACE Limited (NYSE: ACE), and is rated A+ (Stable) by A.M. Best Company and A+ (Positive) by Standard & Poor’s. ACE Canada, through its underwriting companies, provides insurance products and services throughout Canada. Additional information on ACE Canada and its products and services can be found at www.ace-ina-canada.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.