Covéa Insurance has chosen specialist legal expenses insurer DAS UK Group to provide a cyber insurance product as part of its high-net-worth home insurance offering.
DAS UK’s bespoke product features a limit of indemnity of £50,000 for Covéa’s Executive Home policy or £100,000 for its Executive Plus product. Cover comprises:
- Cyber assistance cover
- Includes investigating, reconfiguring and rectifying any damage to the client’s home systems and restoring data following a cyber attack.
- Covers the cost of locating the virus and removing it from the home system.
- Pays the cost of hiring a professional consultant to make recommendations on how to prevent future incidents and prevent further hacking to the home systems.
- Cyber crime cover
- Covers any financial loss due to a third party committing online fraud. This includes social engineering cover such as APP (authorised push payment) fraud.
- Also includes the cost of responding to a cyber ransom or cyber demand where a third party has hacked the client’s home systems and locked the client out of their own system.
- Legal and cyber risk management website
- Interactive and informative tool for customers to access a range of information on how to avoid becoming a victim of fraud.
- Provides guidance to protect against digital compromise and educational content including best practices, tip sheets and more.
- Enables consumers to be more informed and educated on the topic of identity theft and privacy-related concerns.
- Cyber helpline and attack resolution centre
- 24/7 access to experienced fraud and cyber specialists to answer questions and resolve identity theft issues. DAS UK’s experts resolve around 98% of cases without the need to make a claim.
Jay Prosser, head of partnerships at DAS UK Group, said: “Cyber is an integral part of the overall transformation of our legal expenses proposition. We’ve recognised that the demands on legal expenses providers are changing and evolving while there has actually been very little real innovation in terms of legal expenses products. Cyber insurance cover is still in its infancy but we feel that this product is a significant step forward in providing HNW consumers with the right protection against what is a highly common threat.”
“DAS UK was one of the first to launch a cyber product for personal lines and today’s announcement of our partnership with Covéa Insurance represents the next step in our push to continue innovating in this space. By introducing an improved cyber helpline and early resolution service into our already comprehensive cyber and legal expenses products, Covéa’s high-net-worth customers are now better protected than ever before.”
Sara Simmons, head of high-net-worth and operational governance at Covéa Insurance, added: “We’re excited to be partnering with DAS to offer our High Net Worth customers enhancements to the cyber cover we offer within our Executive home insurance products.”
“As well as providing cover in the unfortunate event of an incident, customers will also have access to unlimited guidance and advice through a self-serve portal on cyber and legal matters, and a chatbot facility giving real-time advice. Cyber crime is growing at an alarming rate so we hope this gives customers added peace of mind by helping to avoid them becoming a victim and ensuring that, should the worst happen, they can access the support they need.”