Posted by Devin Haughey on Fri, Dec 18, 2009 @ 01:51 PM
There are more than ten million verified victims of identity theft in America, today!
We all know of medical, financial, business, educational, and government facilities that have suffered a breach and have made the news. The limelight is focused on technology related breaches of security and identity that stem from improperly sent emails; hacking, malicious code and virus attacks; insider theft; and lost laptops. Paper based files also contain sensitive personally identifying information.
Our ever increased use of technology, with all of its benefits, directly affects our ability to protect ourselves and preserve our own personal right to privacy. Corporations also face similar challenges in protecting their sensitive information.
Many ask, how much would a breach of security actually cost? How would we respond to a breach? What is our plan of action? Is there insurance coverage in the marketplace that will assist us in transferring some of the risk? How much insurance is enough?
On average, a breach costs $202 per record exposed. Extrapolate this into just 1,000 records and your organization can face close to $202,000 for direct damages alone. Add to that, the costs of defending and possibly paying to settle a claim and the costs increase exponentially.
DeCotis Insurance Associates represents most major carriers. We provide complete insurance programs for technology, internet, data, and privacy risks.
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Network Security Breach
- Physical Breach
- Breach of Privacy
- Media
- Business Interruption
- Extra Expense
- Notification Costs
- Credit Monitoring Costs
- Cyber Extortion
- Computer Crime
- Public Relations
Ask us about our seminar, designed to specifically address the exposures, legal issues, risk management and insurance coverage available in the marketplace today!
Discover the DeCotis Difference!
Established in 1989
For Additional Information or a Quote Contact an Associate today!
Posted by Devin Haughey on Thu, Jul 16, 2009 @ 10:28 AM
A recent article in the Standard stated that agent's top priority is "claim handling".
We thought that we should reiterate our claim handling authority with our Lloyds contracts (6) covering commercial, homeowner and dwelling risks since it is this activity that impresses our industry to the insured:
- our in house authority is $35,000 for property claims
- losses are assigned to local independent adjusters
- claim reports are received here from adjusters
- payments are usually made within 5 business days after receipt of POL forms
- claims over $35,000 are referred to Lloyds but still handled via independent adjusters through this office
- losses over $35,000 are approved by Lloyds and payments are then made from this office
- we are very aggressive with losses that require subrogation activity hence deductibles are returned to the insured
- claims to be denied are referred to Lloyds for decisions
- liability claims are referred to Lloyds but handled by independent local adjusters
Hopefully, the above provides a clear statement of the importance of claims handling by our office so that service can be provided to the insured at the time of urgent need. We welcome any comments from you since it is this activity when the insured and you, our customer, really see the affects of purchasing insurance through our offices.
Regards,
Paul M. DeCotis
