Hiscox has launched an enhanced version of its Security Incident Response (SIR) product, to provide additional protection for risks such as corruption and fraud.
The new SIR policy also includes cover for expenses incurred by a business when dealing with an insured event.
SIR—originally launched in 2017—supports businesses in the management of a range of security and crisis events, from the impact of terrorism, through to extortion risks.
The addition of business integrity risks to the policy is the insurer’s response to the threat to multinational businesses from risks such as bribery, agent misconduct, contract and procurement fraud, embezzlement, social engineering and money laundering.
The revised wording for SIR now also provides reimbursement for expenses incurred during a crisis, such as temporary physical security measures or the deployment of staff to an incident location.
The cover also includes a new, fourth trigger, which responds on the ‘allegation’ of an insured event having occurred. This complements the pre-incident response that SIR provides to clients, enabling them to use the policy to mitigate an incident at its earliest stages, or even to help avoid an insured event altogether.
SIR continues to provide clients with exclusive access to crisis management consultancy Control Risks.
Commenting on the launch of the new policy wording, Gareth Bateman, product director for SIR at Hiscox, said: “Businesses are dealing with an ever-changing risk and security landscape both at home and abroad. We have recognised the evolution of these threats and have enhanced our successful SIR product to provide cover for 19 additional insured events, with a focus on business integrity risks such as bribery and corruption, embezzlement, and financial statement fraud.”