PREFERRED CLUB and SUITELIFE programs respond to increased demand for broad, affordable privacy and data breach protection; complimentary risk management and data breach response services included.
West Chester, Pa. — April 1, 2014 — Venture Insurance Programs (www.ventureprograms.com) today announced it has expanded and enhanced privacy and data breach protection for its PREFERRED CLUB program for golf and country clubs, and its SUITELIFE programs for hotels and resorts.
The policy offers flexible, more affordable coverage for the costs to respond to a data breach, along with the costs to defend and resolve claims for statutory violations, negligence, regulatory investigations and breach of contract. Risk management and data breach prevention and response services are also offered. Coverage is written through Hiscox, a cyber insurance specialist with an A.M. Best rating of A (Excellent).
“The alarming increase in cyber attacks has highlighted the need for privacy and data breach protection in the hospitality industry, and we’re pleased to offer coverage that is not only broad in scope, but also more affordable for clubs and hotels of all sizes,” said Philip J. Harvey, founder and president of Venture Programs. “Club members and hotel and resort guests expect their information to be secure, and whether an attack is a targeted hack or simply a lost employee laptop, the result can be a costly claim and damaged reputation.”
Venture offers clubs, hotel and resorts a fast, easy process to obtain privacy and data breach protection, with limits up to $2 million and coverage available for risks up to $100 million in revenue. Coverage highlights include:
- Retentions available from $5,000 to $25,000 and scaled based on revenues
- Full limit for breach notification costs, with an option for Breach Costs Outside the Limit
- Full limit for computer forensics
- Duty to Defend policy
- Coverage for breach of contract claims, including those under a payment card processing or service provider agreement
- Coverage for regulatory actions, including investigations by the FTC or state attorney general, as well as coverage for civil penalties (where allowed), and compensatory awards such as consumer redress funds
- $25,000 of PCI Fines coverage and PCI Remediation coverage included at no additional premium
- Ability to add additional coverage modules including: Multimedia Liability, Hacker Damage, Cyber Business Interruption and Cyber Extortion
Coverage also includes complimentary risk management assistance and prevention services, as well as complimentary breach response services, including one hour with a data breach coach and access to breach response providers.
About Venture Insurance Programs
Venture Insurance Programs (www.ventureprograms.com) is a leading program administrator that designs, underwrites and distributes industry-specific insurance packages. Based in West Chester, Pa., Venture has underwriting alliances with the world’s leading carrier groups, including Chubb, Allied World, RSUI, USLI, Zurich North America, ACE, Monitor and Lloyd’s of London. Founded in 1993, Venture provides specialty insurance packages for select vertical industries—including golf and country clubs, golf destination resorts, hotels, resorts, hunting and fishing lodges and city and social clubs.