In today’s digital landscape, even security-conscious businesses remain vulnerable to data breaches. As cyber incidents grow in frequency and sophistication, the legal, financial, and reputational consequences of compromised personal or confidential information have increased accordingly.
Overview of the Program From Insurance Markets Agency Inc
Insurance Markets Agency Inc places Data Breach Insurance through a specialty non-admitted program with Markel Shand. Designed for agents and brokers, this program helps you place cyber liability and first- and third-party breach exposures for clients who need protection beyond standard markets. As a general agency and excess & surplus lines broker, we offer flexible solutions for challenging or hard-to-place risks.
Ideal Accounts and Appetite
The program is targeted at small to mid-sized organizations that collect, store, or transmit sensitive personal, financial, or health information. Preferred classes include:
- Professional services (law firms, accountants, consultants)
- Medical and other healthcare providers
- Retail and e-commerce operations
- Educational institutions and childcare providers
- Financial services and advisory firms
Accounts with electronic recordkeeping, use of cloud services, or mobile/work-from-home access patterns are commonly considered. While the program is flexible, risks with extremely high data volumes, unresolved prior breaches, or severely deficient cyber controls may require additional underwriting or may not fit.
Coverage Highlights and Advantages
This Data Breach Insurance program provides broad cyber liability features to help manage the costs and consequences of a breach, including:
- Liability for identity theft, privacy violations, and failure to safeguard confidential data
- First- and third-party costs for notification, credit monitoring, and regulatory response
- Forensic investigation and breach response expenses
- Public relations and crisis management expense coverage
- Protection for transmission of malicious code, unauthorized access (including insider misuse), and loss from stolen portable devices
- Punitive damages coverage where insurable by law
These features help offset legal defense, settlements, remediation, notification, and reputation-management costs after an incident.
Underwriting Notes and Minimum Premiums
Underwriting focuses on industry class, the volume and sensitivity of data maintained, security controls (firewalls, MFA, backup and encryption), vendor relationships, and any prior incidents. Minimum premiums vary by account characteristics and industry; our underwriters will review submissions and provide tailored quotes. Because this is a non-admitted program, it offers flexibility in terms and structure that can help place accounts that struggle in admitted markets.
Territories and Availability
This program is available through licensed agents and brokers placing risks in New Jersey and Pennsylvania. Producers in these states can submit accounts for consideration and work directly with our underwriting team to evaluate fit and pricing.
Why Work With Insurance Markets Agency Inc?
Insurance Markets Agency Inc has decades of experience placing niche and hard-to-place risks. Our relationship with Markel Shand provides access to a market experienced in cyber and data-breach exposures. We pair responsive underwriting with program flexibility to help you keep business with clients who need meaningful breach protection.
Example scenarios: You might have a small law firm that stores client files and uses cloud-based document sharing, or a medical practice that keeps patient records on laptops and servers. In both cases, this program can provide breach response resources and liability protection that help transfer the financial and reputational risk of a data incident.
To learn more or submit an account, contact our team at 570-586-1471.