Cyber Liability Program
The Stapleton Cyber Liability Program protects businesses for the cost of an actual or suspected violation of privacy regulation due to a security breach that results in the unauthorized release of protected personally identifiable information which is any private, non-public information of any kind in the merchant’s care, custody or control.
The Liability Program is facilitated through the North American Data Security RPG (named insured on master policy), a risk purchasing group which is registered in all 50 states and the District of Columbia. The master policy is underwritten by AXIS Insurance Company, an A+ rated insurance carrier by AM Best.
- Civil proceeding or investigation including requests for information for an actual or alleged violation of any privacy regulation (PII data) brought on behalf of any federal, state, or foreign governmental agency including:
- Defense & settlement or judgment
- Regulatory fines & penalties (including PCI)
- Mandatory forensic examination
- PCI re-certification services to re-certify compliance with PCI Security Standards
- Ransomware – $1,000,000 – retention applies
- Website media liability
- Business interruption – $1,000,000 – 8 hour waiting period applies
- Data recovery expense – $1,000,000 – retention applies
- Crisis management and fraud prevention expenses
- Call center
- Credit monitoring
- Public relations
- Associated legal expenses
- Limit of liability per business options: $1,000,000 (annual aggregate)
- Master policy – admitted – claims made policy form with full prior acts
- No aggregate limit on master policy
- $2,500 retention
- Coverage territory is worldwide
- Claim reporting requirement – within 60 days upon becoming aware of a suspected or actual breach
- Eligibility: U.S. businesses with less than $50,000,000 in annual revenue
Underwriting is limited to 4 questions:
- Is your business headquartered outside of the US?
- Does your business fall within any of the following excluded classes of business? (a) Banks, (b) Credit Unions, (c) Payment Processors, (d) Gambling Organizations, (e) Online Adult Industry, (f) Social Media/Networking Firms, (g) Cloud Providers (h) Federal and State government agencies (I) Municipalities (J) Franchise (K) Cryptocurrency (L) Marijuana Dispensary
- Is your business aware of or have any knowledge of a potential cyber claim?
- Does your business transfer funds electronically of $25,000 or more in any single transaction to external parties (ACH or wire)?
|$0 – $999,999 Revenue||$800.00|
|$1,000,000 – $4,999,999||$1,285.00|
|$5,000,000 – $9,999,999||$1,650.00|
|$10,000,000 – $24,999,999||$2,900.00|
|$25,000,000 – $50,000,000||$5,000.00|
To get your proposal and purchase coverage, click the button below:
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