XL Catlin has unveiled two new optional coverages for its professional liability insurance for architects, engineers and other design businesses in Canada.
The two optional coverages are Employment Practices Liability (EPL) Insurance and Cyber Insurance coverage. The former is designed to address any potential claims clients may have related to wrongful employment practices. The latter was created to help clients in the event they run into financial issues resulting from a cyberattack.
“From laptops and smartphones to interfacing with complex integrated design software, design professionals rely on technology for their day-to-day project management and client relationship activities. With cyber exposures growing exponentially, one cyber incident can significantly compromise all that they and their firms have worked hard to build,” XL Catlin Design Professional insurance business chief underwriting officer Doug Strong said of the cyber insurance coverage option.
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“These optional coverages are tailored to stave off the financial and reputation consequences of two of the fastest growing risks for design professionals,” said XL Catlin Design Professional regional leader Wilma Schreuders. “We’ve paired up our expertise in design professional, employment and cyber, to deliver two specialized coverage options to help our clients address today’s new and emerging business exposures.”
XL Catlin’s EPL coverage option for design professionals, which has dedicated EPL limits separate from design professional liability limits, will feature:
- Broad definition of Insured Person
- Broad definition of Employment Practice Wrongful Act
- Definition of Damages includes back and front pay, pre- and post-judgment interest, multiplied damages and attorney fees
- Defense for written employee contract claims
- Third-party coverage for claims from non-employees
The Cyber Suite for Design Professionals coverage provides clients with access to a dedicated 24/7 data breach online hotline, as well as other cyber management resources XL Catlin may have under its Design Professional’s Learning Management System. The coverage’s features are:
- Privacy & network security liability insurance protection to address a variety of scenarios, including: Loss of or failure to protect personal information and confidential business information such as proprietary drawings, designs, customer requirements and specifications; violation of any privacy or data breach reporting laws/regulations; wrongful acts of rogue employees; and transmission of malware to third-parties.
- Data breach response coverage to address associated costs such as: voluntary notification to breach victims; forensic investigations; extortion incident costs and payments; providing credit and identity protection and restoration services.
Supplementary payments coverage to address costs associated with: crisis event and administrative and regulatory expenses.
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