Ascent enhances cyber product to address “new wave of exposures”
Specialist niche-product managing general agent (MGA) Ascent Underwriting has extended its cyber offering to cover social engineering and computer crime, and provide modules of coverage on a nil deductible basis.
Its CyberPro Regulatory Billings product, first launched in 2014 to offer financial protection against US healthcare billing and coding regulation violations, will now also cover losses arising from phishing and other fraudulent attempts to mislead insureds into transferring funds or assets to criminals.
The expanded coverage addresses the emerging exposures associated with cyber-related risk. Ascent’s crime cover includes traditional fraud arising from theft of electronic funds, fraud causing loss of an insured's tangible product or merchandise, or compromise of a trade secret or non-tangible asset that results in lost revenue.
Gareth Tungatt, chief underwriting officer of Ascent Underwriting, said: "Since launching our crime coverage in 2014, we have regularly updated wordings to reflect changes in the way crime occurs. We are seeing a new wave of exposures where insureds are deceived into transferring monies to a fictitious vendor or a person posing as someone they know. By enhancing our existing product suite, we aim to give our clients the best possible protection from these emerging exposures."
CyberPro Regulatory medical billings is part of Ascent’s portfolio of insurances for professional and non-tangible risks. It provides a comprehensive solution both for healthcare data protection and risks associated with healthcare billing and coding exposures.
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