Specialist insurer Beazley has announced enhancements to its Virtual Care insurance policy in the US to offer greater protection for companies that provide technology-enabled healthcare and lifestyle-management services.
The global digital health market is expected to reach a total value of $504 billion by 2025, according to Beazley. The sector includes telehealth, which incorporates remote diagnosis and health monitoring, and m-health, which allows people to self-monitor chronic conditions through apps and wearables.
The new Surge endorsement to Beazley’s Virtual Care policy can provide first-party coverage for direct financial loss arising from:
- eCrime, including fraudulent instruction, funds transfer and telephone fraud
- Business interruption loss from security breaches or system failures
- Dependent business interruption loss from security breach or system failure
- Data recovery loss
- Cyber extortion loss
- Cryptojacking, including the unauthorized access or use of computer systems to mine for digital currency
Those protections are in addition to the coverage already in place within the Virtual Care policy, including professional liability (medical malpractice) and a range of other third-party coverages. The policy is available for worldwide risks in all 50 states.
“Backed by specialist claims expertise, Virtual Care’s Surge endorsement provides additional first-party cover for cyber crime and subsequent business interruption that can floor businesses and slow their recovery,” said Jennifer Schoenthal, US underwriting lead for Virtual Care. “As risks are always evolving, we’ve also included protection against cryptojacking, which can leave firms with exorbitant electricity bills and sluggish systems if their IT is breached by crypto-mining cyber criminals. Beazley Virtual Care brings together our global expertise in underwriting medical malpractice, errors and omissions and privacy coverage to deliver extensive protection that helps our clients avoid the risk of coverage gaps and supports their evolving business.”