Ascent enhances CyberPro Regulatory Billings product to combat "new wave of exposures"publish date : Dec 2017
Ascent Underwriting, the specialist niche-product managing general agent, has extended its CyberPro Regulatory Billings product to cover social engineering and computer crime, and also now offers the cyber modules of coverage on a nil deductible basis.
The product, first launched in 2014 to offer financial protection against US healthcare billing and coding regulation violations, now also covers losses arising from phishing and other fraudulent attempts to mislead insureds into transferring monies or assets to criminals.
The expanded coverage enhances Ascent's crime products to address 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.
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.
Nil deductible policies and access to market-leading partner vendors to handle breach response, computer forensics, and legal counsel ensure clients incur zero cost at the point of claim, while receiving the best possible advice to close claims incidents as swiftly as possible.
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."