The Boiler Inspection and Insurance Company of Canada expands data breach insurance and online tools

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10 June 2015 | Press Release

The Boiler Inspection and Insurance Company of Canada (HSB BI&I) expands data breach insurance and online tools

Loss of customer loyalty a big concern following a data breach

TORONTO, Canada, June 10, 2015 — The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, today announced data breach coverage enhancements for businesses and complimentary access to a suite of online tools to help prevent the loss or theft of personal information.

 

“One of the most negative consequences of a data breach is the loss of customer loyalty,” said Derrick Hughes, vice president for HSB BI&I. “Consumers hold businesses accountable for the loss of their personal information. They expect to be notified when it happens so steps can be taken to protect themselves from identity theft.”

 

HSB BI&I introduced data breach coverage in 2011 through its reinsurance partners to help organizations respond to the financial burdens of a data breach. The coverage can pay for legal and forensic review, notification, fraud alert and case management services for identity theft victims.

 

HSB BI&I has enhanced its data breach insurance to cover personal data in the custody, care and control of a third party; known malware-related data breaches; notification to the Privacy Commissioner and public relations services.

 

In addition, policyholders of HSB BI&I’s and its partner insurance companies will receive access to eRiskHub®, a Web portal, supported by NetDiligence®, for data breach risk mitigation. The website provides users with resources and tools to help establish a response plan, manage the costs and minimize the effects of a data breach.

 

Contacts

HSB BI&I

Silvana Martins, +1 416-216-7204

Media Relations

 

About The Boiler Inspection and Insurance Company of Canada

The Boiler Inspection and Insurance Company of Canada, a member of the HSB Group and part of Munich Re’s Risk Solutions family, provides the industry-leading range of specialty equipment breakdown insurance coverages for business and home. As Canada’s leading equipment breakdown insurer, the company helps clients reduce risk through a unique combination of specialty coverages, engineering-based risk management strategies, and an in-house team of jurisdictional and loss-prevention inspectors. For more information, visit munichre.com/hsbbii

 

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About Munich Re

Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

 

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