Date: 5 October 2009
Christmas Cheer For Online Retailers
While it will seem far too early for most, insurance brokers Lockton in partnership with Kiln, the Lloyd’s insurer, today bring Christmas cheer to online retailers throughout the UK and Europe with the launch of insurance cover offering them network asset protection from online fraud and system failure.
The launch of System Network Asset Protection (SNAP) is the first of its kind for the UK retail sector, and is timed to coincide with the onset of Christmas shopping, as the threat of online fraud and network crashes is at the forefront of consumers’ and retailers’ minds. SNAP offers protection for events such as:
• System failure
• Human error
• Cyber terrorism
• Extortion
Dan Trueman, active underwriter, enterprise risk division at Kiln, said: “Despite the challenging economic climate, it’s already Christmas for the retail industry in general, and online retailers in particular. In the world of e-commerce if your site is down, your customers are off to buy somewhere else and you’ve lost the sale. At least if you have the right insurance, the implications, such as loss of revenue, or extra costs and expenses incurred, can be covered.”
Emily Freeman, executive director, technology, media & telecoms at insurance brokers Lockton, Kiln’s partner for SNAP, agrees: “Online shoppers can be notoriously changeable. A deciding factor can be their perception that personal data is not being adequately protected. SNAP can provide retailers with peace of mind by directly aligning insurance coverage with the actual concerns they have.”
For further information, please contact:
(lockton) Dan Hopkinson
Email address: Dan.Hopkinson@uk.lockton.com
Phone number: 01912613054
About Online Retail Protection
System Network Asset Protection (SNAP) offers:
- Coverage includes administrative or operational mistakes as defined and aspects of accidental damage or destruction, not just computer attacks.
- Outsourcing/offshoring risks – contingent business interruption and data damage – full policy limits.
- Minimum six hour down time required before claiming. (most cover is 24 hours)
- No small internal indemnity limits per hour.
- Reimbursement for employee working time to replace, restore or recreate electronic data.
- Option to expand coverage for management of Reputational Risk following a loss event.
- Rogue employee coverage for computer attacks.
- Short term policy period coverage over peak trading season, with option to extend.
- Clear, concise policy language.
About Lockton
Lockton is the world’s largest, privately owned, independent insurance broker. The specialist Technology Risk Practice is recognised as a market leader in providing risk management and insurance solutions to clients who depend on their systems, outsourcers and digital assets, and who are concerned about their PCI DSS liabilities.
About Kiln
Kiln is an international insurance and reinsurance underwriting group with a portfolio of specialist risks. Since 1962, it has built its business on the strength of its underwriting and its relationships.
Kiln is part of the Tokio Marine Group. Its UK operating company, R J Kiln & Co Limited, currently manages five syndicates at Lloyd’s and, in terms of capacity, is one of the largest agencies trading in the Lloyd’s insurance market. In addition to the UK, Paris and Liège Kiln has offices in Hong Kong, Singapore, South Africa and Brazil.
A recognised leader in each of the six main business areas in which it operates: reinsurance, accident and health, aviation, marine and special risks, property and special lines, and enterprise risk. Kiln syndicates benefit from a security rating of ‘A+’ (Strong) assigned to Lloyd’s by Standard and Poor’s.