Insurer rolls out cyber cover for the ultra-rich in the US

Business was started by a former British policeman

Insurer rolls out cyber cover for the ultra-rich in the US

Cyber

By Terry Gangcuangco

Privilege Underwriters Reciprocal Exchange (PURE) and Rubica have partnered to offer individual cyber insurance with a $1 million coverage limit for US high-net worth individuals. However, despite being a US based policy it has the UK very much at its heart - Rubica founder and chief executive Roderick Jones was with Scotland Yard’s Special Branch focused on international terrorism before moving to San Francisco.

Called PURE Starling, the coverage is an optional endorsement on PURE’s homeowners’ policy. It is designed to provide high net worth individuals – who have become cybercrime targets because of their wealth – protection against losses caused by fraud and cybercrime.

Here are the features, and where Rubica steps in:
  • Online and offline fraud coverage – for incidents such as social engineering, unauthorised transfer or payment, forgery or alteration of checks, and acceptance of counterfeit money.
  • Cyber extortion coverage – provides immediate access to crisis management advice and, if payment is made, covers the payment amount.
  • Systems attack coverage – for the cost of a professional to reinstall damaged software, remove malicious code, reconfigure system or device, and replace electronic data.
  • Customisable levels of protection – coverage limits of $100,000, $250,000, and $1 million; availability of the latter two subject to no prior fraud or cyber incidents in the past 24 months, and availability of the highest limit also subject to active cyber monitoring solution subscription.
  • Active cyber monitoring – subscribing to Rubica or an equivalent service satisfies the risk management requirement for eligibility for the $1 million coverage limit.

“PURE has identified Rubica, innovators in the field of personal digital security, as a provider of active cyber security monitoring for high net worth individuals designed to reduce the risk of a loss from happening in the first place,” said the insurer.

Coverage is now available in Arizona, Connecticut, Colorado, New Jersey, South Carolina, Tennessee, and Wyoming. It will be rolled out in Illinois on November 03, and in New York, Florida, Texas, California, Massachusetts, and North Carolina on December 02. Additional US states will follow next year.


Related stories:
ARAG launches first ‘crisis comms’ cover for High Net Worth clients
Hiscox enhances home insurance product for UK and Ireland

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