Detroit, MI (Nov. 1, 2017) – Burns & Wilcox, North America’s leading wholesale insurance broker and underwriting manager recognized throughout the industry for its expertise in Professional Cyber Liability, today announced the launch of a new, cutting-edge Personal Cyber insurance endorsement. The coverage includes ransomware and cyber extortion. This endorsement places Burns & Wilcox among the first pioneers to make cyber coverage available to individuals.
“Burns & Wilcox takes great pride in its ability to stay on the forefront of industry trends to provide the highest levels of expertise and service to our retail brokers,” said Alan Jay Kaufman, Chairman, President, and CEO, H.W. Kaufman Group, and its largest subsidiary Burns & Wilcox. “Personal Cyber insurance is the next great leap in providing peace-of-mind to a previously underserved segment of the industry.”
According to a report issued by the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3), the financial loss from cybercrime in the U.S. rose 24 percent, exceeding $1.3 billion last year. The Personal Cyber insurance endorsement will provide homeowner’s with assurance in the case of a cyber-attack, allowing policyholders to file claims for ransom and extortion payments, identity theft fees, and data restoration expenses related to a personal cybersecurity breach. It is included on Primary Homeowners policies written in programs exclusive to Burns & Wilcox.
“Until now, Personal Cyber insurance that guards against cyber extortion and ransomware has been difficult to find,” said Bill Gatewood, Corporate Vice President and Director, Personal Insurance, Burns & Wilcox. “In the 21st century where tech plays a vital role in daily personal routines, it is important that the insurance industry evolves to help properly protect clients.”
For more information, visit www.burnsandwilcox.com.Tags: Burns & Wilcox, Cyber Insurance, cyber risk