INSUREtrust.com, Legion Team Up on E-Business Insurance

Atlanta-based INSUREtrust.com LLC, a provider of risk management services for electronic business, has been named a program administrator for Legion Indemnity Company, for insurance on what the company describes as "emerging e-business risks."

The INSUREtrusts Electronic Information Errors and Omissions Liability Policy, issued by Legion Indemnity Company provides innovative insurance policies that cover the primary e-business risks faced by companies today. The policy uses an innovative menu approach that permits the insured to choose the coverage it needs, including:

• Technology Errors or Omissions
• Media or Intellectual Property Offenses
• Breach of Computer Security of the Selected Network – either from external attack or internal and external attack.

"Since delivering our first groundbreaking policy in 1997, INSUREtrust.com has continued to extend our lead by creating the industry's most comprehensive suite of e-business insurance policies and LifeCycle e-business risk management services," said Steve Haase, chief executive officer of INSUREtrust.com. "Our agreement with Legion gives us the resources, flexibility and ease of doing business in the market that will enable us to maintain and extend our leadership position."

Under the agreement, as program administrator, INSUREtrust.com has underwriting authority for Legion Indemnity Company, which has an A.M. Best Rating of "A" (excellent) VIII.

"As e-business has grown, it has created new security risks and financial exposures that are challenging for today's risk managers," said John Kessock, Jr., president of the Legion Companies. "Legion is excited to align with INSUREtrust.com, the industry leader in assessing, securing and managing the risk of e-business, in offering this innovative new policy."

This new policy for INSUREtrust.com covers businesses in several ways, including:

• Use of the Internet to send and receive e-mail and gain access to other Internet resources such as World Wide Web sites;

• e-Business activities;

• Creation of multimedia content, including electronic publications, software, Web sites, intranets or extranets;

• Provision of Internet access services for others and the installation, hosting or maintenance of Web sites, intranets, extranets or other computer network resources for itself or others (except for development of multimedia content);

• Generation, installation, management, and maintenance of any Public Key Infrastructure (PKI) or other digital certificate system for itself or others, including acting as a Certification Authority, Registration Authority or Validation Authority;

• Performance of technology consulting for others, including network computer security services, systems integration, and data and key recovery;

• Development, maintenance and operation of any electronic information databases for itself or others; and

• Development of software for others (except for development of multimedia content), including making shared software available over the Internet.

"The menu approach to coverage in this policy gives businesses the flexibility to purchase only the coverages that apply to their operations – a real advantage for traditional technology companies that have not yet implemented e-business policies," said Mary Fisk-Bieker, senior vice president of insurance operations at INSUREtrust.com. "It also has the flexibility in rating structure to accommodate different risks and levels of security, particularly under the Breach of Computer Security coverage."

The Breach of Computer Security coverage gives companies the ability to choose as much or as little coverage for their risk as they desire by specifically describing the scope of the Selected Network. This Selected Network includes network resources owned, leased or managed by the insured, or network resources provided by others to the insured under contract.

The Breach of Computer Security coverage requires that INSUREtrust.com perform a risk assessment. As part of the underwriting process, INSUREtrust.com has the ability to assess a customer's Selected Network operations for security vulnerabilities and may offer a baseline risk assessment that includes a review of network security and related loss control. The company also instructs customers how to build its network security and e-business loss controls and offers services to help customer attain or maintain a secure e-business profile.

For companies that have retained a third party to conduct a risk assessment, INSUREtrust.com may review the third party's final assessment report according to INSUREtrust.com's underwriting standards to determine whether the company will qualify for insurance.