Ironshore’s financial and professional lines IronPro announced yesterday that it is introducing a Compromised Plastic Card Re-Issuance Expense coverage enhancement to its Enterprise PrivaProtector.
The Compromised Plastic Card Re-Issuance Expense Endorsement covers for the insured’s reissuance expense to replace credit or debit cards that have been compromised by a data breach on an electronic database, computer, or network not owned, operated, or contracted by the insured.
According to data from the American Bankers Association, small community banks (financial institutions with under $1 billion in assets) report that the cost to create and mail a new debit card is about $11 per card, and the cost to similarly reissue a new credit card is $12.75 per card.
“We recognize that plastic card re-issuance expenses can have a significant negative financial impact upon a community bank or credit union,” said IronPro Global Privacy Practice Leader Kurtis Suhs. “This innovative solution, specifically tailored to the financial services industry, further differentiates Ironshore as a specialty lines leader in the cyber insurance marketplace.”
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