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Cyber Insurance Policy Offers $100,000 in Coverage
Concierge Cyber has launched Concierge Cyber InsurePLUS™, a standalone cyber insurance policy for small and medium-sized enterprises. Lloyd’s of London backs the policy, which provides eligible members with $100,000 in coverage against cyber incidents.
Concierge Cyber My-CHOICE Endorsement Enhances Vendor Flexibility
A key feature is the My-CHOICE™ Breach Response Expenses Amended endorsement. This clause allows policyholders to use their own breach response vendors, provided they are approved in writing. Typically, cyber insurance limits insureds to a pre-approved panel of providers. This endorsement gives companies greater freedom.
Cybersecurity Coverage Preventing Breach of Contract Claims
Most organizations already partner with third-party vendors for critical services, such as forensic investigation or data recovery. Forcing companies to switch vendors after a breach could violate the terms of those contracts. This may result in contract disputes and increase the risk of insurance agent errors and omissions (E&O) claims.
“Most cyber insurance policies require using the insurer’s panel vendors,” said Kurt Suhs, CEO of Concierge Cyber. “Our cyber insurance policy with the My-CHOICE endorsement helps clients manage breaches with trusted providers of their choosing.”
Targeting Small and Medium-sized Enterprises
Concierge Cyber designed the product for SMEs that seek greater control during cyber incidents. The company believes flexible response options are vital during crises when time and trust are critical.
Policy Strengthens Vendor Trust and Reduces Risk
By allowing third-party vendor use, InsurePLUS supports contractual integrity and helps policyholders maintain service continuity. It also helps protect agents from liability when selling policies.
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