Insurance and Risk Management for a Dynamic Economy
ASCII Insurance Program
Welcome to the ASCII - Lloyd’s of London Insurance Program. Below is an overview & basic users guide.
The ASCII Lloyd’s Program Policy has been broadened to include insurance for Extortion ,Ransomware, Cyber Crimes , Incident Response and other key E&O, Data Loss & Privacy Coverages for 2020 and beyond…
Get a quote today! Complete the attached and fax / scan back to email@example.com or fax 267-371-5180
IF instructed due to your needs, exposures, size or high limit requirements, you may be asked to complete the long form application below
With submission, you will receive complementary best practices information
With purchase, you will receive FREE:
Cyber risk rating report
Skurio breach alerts*
CyberRiskAware phishing-focused training
Cyber risk awareness videos
Cyber incident response planner
Legal contract publishing tool
Contract best practices guidebook
Incident Response Templates and Plan Review
Interactive Online Training
Online On-Boarding Video
this can vary by final carrier and coverage selection you make but these atypical exclusive products.
Important Memo: Market Issues and ASCII Program 2020
We are pleased to Introduce you to the ASCII Lloyds Insurance Program powered By TechRisks.com. Our Insurance Program offers market leading coverages and terms. In fact, Lloyds of London is offering an enhanced cyber crime and theft of funds coverage option to directly protect your firm this year. The marketplace is under severe pressure right now. Data loss, cyber-crimes, extortion and ransomware losses are exponentially increasing (both in number of claims and severity). MSP’s and RMM Software in particular are under attack.
We need your help! ASCII, Lloyds, TechRisks.com and our partners are working overtime on these issues, like you may be. We are developing best practices. These involve Standardization and Protocols that should be met (or at a minimum addressed & considered). ASCII's exclusive program and ASCII preferential pricing arrangement still exists.
Our new application process will assist all parties in important areas. If you are an MSP: as defined by using, deploying or offering RMM Software, please complete the supplemental pages. Share the application with management & key tech employees if you need help in answering a technical question. Kindly complete and return as soon as practicable. The sooner Lloyds receives your complete application, the more time you and I will have to review best terms for us to proceed with. The app and processes deployed are works in progress. Several insurance carriers are pulling out of the MSP business. A number of competitors on the program brokerage side are either cancelling or non-renewing tech firm clients. Reinsurance companies are also nervous. Rates in general are also increasing across most industries. Once again and of note, insurance companies are incurring & realizing major “cyber” losses. Unfortunately tech firms are prime targets. In effect, if a bad actor get access to your MSP Network, he / she can likely shut down your client systems as well. This occurring more frequently of late.
We are working on risk management techniques including blockchain and other technologies to remediate and lessen the long term exposure, so that the marketplace settles and becomes more “mature & stable”. Please review the Cyber Incident Response Plan info that is provided in our Program Offerings. This is a free service and we encourage you to use it, especially if you suffer an attack. To clarify, this is included in most quotes sent this year. It has helped a number of our insureds and the feedback has been excellent. Your firm needs our tech package coverages more than ever. We would not go bare without the insurance this year for several reasons. We I have seen this happen in other industries. Ironically our rates have been largely flat for ten years as long as your exposure and revenue has not increased above certain thresholds. With that said, we will provide you several options including coverages for 1st party cyber crime and theft of funds (which includes protection for owners personal financial assets in case of a security breach).
We are also seeing contract requirements for banks, financial, tech and other firms increasing “cyber” limit requirements. I would strongly consider locking in now on one of these options, even the higher limits as it could protect your interests in 2020 and beyond. There are challlenges and necessary changes that must be made in order for “cyber liability insurance” to stabilize. The proactive tech firms that embrace said changes, will be the ones that survive and thrive (as it is thought that many of your competitors are uninsured or underinsured in critical areas). Next, several of your clients may be also facing challenges in this area. It should be understood, that we will defend and indemnify your firm for your tech products and services. Just because a client suffers a network security breach, that does not mean your firm is liable. For example, they may use tech products and network security services from other providers and software companies or worse yet, they may have a rogue employeee. Thus….
Your Clients need to have their own cyber insurance. We can provide your clients these services and protections. One area under development we can prossibly partner with your firm on is the Cyber Prevention, Awareness and Incident Response. We can help Prevent, Detect and Respond to Cyber Incidents. For as low as $100-200 per year, our packaged Cyber Plans positively fund, address and insure these vital services. Indications can be provided often upon receipt of 5 (five) basic questions at this time. Cyber terms and condition, availability vary greatly by non-tech firm class type. As an FYI, the insurance marketplace and our competitors are very fragmented in this area. Some insurance companies offer nominal sublmited coverages of $10,000 and little to no cyber crime or true extortion coverage. Most don’t offer Cyber Incident Response Services. In our opinion, this is not cyber insurance.
Try to get as many of your clients under written contract as possible. If you provide sales and service work on a project basis. Outline said products and services being provided, include the terms and conditions of your work being done. Look at what your competitors use. Google similar contracts online or if you have a lawyer, have him draw up contract wording. Review items like guarantees, limitations of liability. If you need help, let me know as we are bringing contract support online with key partners.
Use workorder changes. Get signoffs on all proposals, change orders, invoices, etc. Document and keep records including email correspondence, etc. with clients here. It should be noted that cyber crimes, extortion and data loss are a real problem right now. If you offer your client a network security type of product like antivirus, backups or firewalls, note that in your documentation. For example, I am offering you XYZ back up service, ABC software or DEF firewall server etc.. Client either agrees to purchase or declines. Document that clearly with signoffs noting client is aware they are solely responsible for any liability or losses if they decide to decline said network security or technology product (you professionally recommend) which may protect and help them and their interests.
Finally please double check your client contract requirements. We will provide E&O, Cyber, Privacy, General Liability and Property Coverages in most quotes. If you have workers comp, auto, crime, employment practices, umbrella, cyber insurance for your clients or other insurance needs, they are immediately available upon request to firstname.lastname@example.org and completion of basic application information
Kindly review the application or standardization recommendations. Some tech clients of ours have ironically found certain questions to be beneficial. From a business risk management standpoint, they address key issues or highlight problem areas you should be aware of. We hope this helps explain the marketplace situation and what our best options are for this year. If you have any questions, feel free to email or call us at any time. Thanks in advance!
We are proud to introduce new insurance product offerings for:
- First Party Cyber Crime, Theft of Funds, Extortion and other vital privacy add ons.
- Employment Practices Liability: Premiums start at $599 per year
· Crime Insurance: Premiums start at $500 per year
- Home, Auto, Personal Umbrella
· Cyber Liability for your clients: Promote as a value added service - protect your clients against cyber & privacy liability today. Premiums start at $299 per year.
TechRISKS.com recommends that small to medium sized businesses at a minimum obtain General Liability or a Business Owners Policy. Comprehensive General Liability, Business Owners and Property Package coverage is the most basic type of commercial insurance and is limited to liability claims of bodily injury or property damage. Coverage is provided for accidents on your premises or at your customer's location.
We strongly suggest that all firms obtain Errors and Omissions Insurance (aka Professional Liability Insurance). These policies defend and indemnify your firm for alleged negligent acts, errors or omissions. TechRISKS.com can often offer broadened errors and omissions policies to include coverage for copyright and trademark infringement, Network and Internet Liability and Media Content. These exposures are especially important for technology providers or firms with a significant Internet presence.
Other Common Insurance Provided to many clients are: Workers Compensation - Employer's Liability, Auto, Employment Practices, Directors and Officers and Crime / Theft and Umbrella Insurance. Request a comprehensive risk analysis for complete review of your exposures and needs. DocYOULock Document Management Mobile Application! Visit Apple iTunes store on your mobile device and use today!
Master Program Partnership
TechRISKS.com is a proud partner of the ASCII Group. We offer leading insurance protection and terms to ASCII Members. Our select industry technology association partner is the ASCII Group. Are you an Managed Service Provider (MSP), a value-added-reseller (VAR), a network integrator or IT Consulting firm? If so, you need our insurance today.
For Certificates of Insurance: Please visit here>
Sample Policy wording: OUR SYSTEM WILL SEND YOU A COPY BY EMAIL.
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