Insurance Companies Only Click it!
Expansion of Cyber Risk Insurance Program
Protects Firms From E-Business Risks
NEW YORK, April 4, 2001 -- Marsh, the world's leading risk and insurance services firm today announced the release of a new insurance endorsement modifying the American International Companies' netAdvantage suite of products exclusively for Marsh clients. The endorsement will provide coverage for Internet-related crime and expanded coverage for losses caused by certain third-party vendors, as well as other new extensions to the netAdvantage suite.
Underwritten by member companies of American International Group, Inc. (AIG), the netAdvantage suite of products provides up to $25 million in coverages for Internet exposures, including Internet liability, web media/content liability, Internet professional errors and omissions, and first party loss and damage to data and e-revenue business interruption due to computer attacks.
The new endorsement, named Net SecureTM Amendatory, will expand Internet-related crime coverage for direct loss of money and securities resulting from the failure of an insured's network security system. The endorsement also offers insured's the option to obtain coverage for third-party computer system hosting companies. The endorsement will also provide an expanded definition of damages, an ability to have coverage apply on a "difference in conditions" basis, and other important extensions for Marsh clients. The endorsement initially will be available to U.S. and Canadian businesses; shortly afterward, it will be available to Marsh clients based in Europe, Latin American, and the Asia Pacific.
The program endorsement is designed to improve access and coverage on critical cyberspace coverages for traditional enterprises as they Web-enable their businesses, as well as for dot.com companies.
Emily Freeman, the leader of Marsh's e-Business Solutions Group, stated: "The netAdvantage suite and the Net SecureTM amendatory endorsement provide a considerable breadth of coverage for companies concerned about the growing problems of security and availability of networks and Web sites."
"Whether establishing a Web presence, rendering professional services via the Internet or conducting eCommerce, companies must take steps to recognize and manage the risks associated with network security," said Bob Parisi, Senior Vice President, AIG eBusiness Risk Solutions.
"We are pleased to work with Marsh to address these risks." Marsh, the world's leading risk and insurance services firm, has 35,000 employees and annual revenues of $4.8 billion.
The firm provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with 57,000 employees and annual revenues exceeding $10 billion. MMC also is the parent company of Putnam Investments and Mercer Consulting Group. MMC's stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific and London stock exchanges. MMC's Web site address is www.mmc.com. Marsh's Web site address is www.marsh.com. Its e-business risk solutions site is www.netsecuresite.com.
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo. The netAdvantage site is www.aignetadvantage.com.
Examples of: Fraud and Extortion, Denial-of-Service Attacks, Sabotage and Business Interruptions, Viruses, Personal Injury/Privacy, Privacy Violations--Unauthorized Access to Customer Information, Intellectual Property Infringement, Negligent Security, Online Trespass, Product Scenarios, Unauthorized Access, Hacking/Breach of Network Security and Extortion
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Health Insurance Portability and Accountability Act - HIPAA
