A wholesale brokerage operation launched a practice specializing in cyber liability coverage, which protects businesses against the damages that come from identity theft, data breach and other forms of cyber crime.
NIP Specialty Brokerage, based in Woodbridge, N.J., said cyber crimes happen daily and incur billions of dollars in expenses each year for the U.S.
Brokers need to be aware of exclusions on different cyber risks policies and how they could impact their client, according to Dean Mortilla, president of NIP Specialty Brokerage.
“Cyber liability coverage is a complex field, and one that is constantly evolving,” Mortilla said in a statement. “Rather than trying to learn the intricacies of cyber coverage, brokers can take advantage of our expertise, and our market access. We can help brokers assess their clients’ cyber exposure, analyze their current policies to determine existing coverage, and match coverage to their remaining exposure.”
NIP Specialty Brokerage, a division of NIP Group, targets non-standard commercial risks underwritten by admitted and non-admitted specialty carriers. It focuses on retail, publishing, financial services, healthcare and technology.
Specialty brokerage in New Jersey allows brokers to insure against cyber crime via IFAwebnews .
