New Dawn Risk, a specialist Lloyd’s broker operating in the cyber and specialty insurance market, has introduced a new cyber insurance product aimed at healthcare, life sciences and pharmaceutical organisations across the United States.
New Dawn Risk states that the development is intended to respond to the increasing privacy and regulatory pressures faced by these sectors.
The broker notes that the product has been designed to reflect rising exposure linked to litigation under the Health Insurance Portability and Accountability Act (HIPAA) and state-level biometric privacy frameworks, including the Biometric Information Privacy Act (BIPA). New Dawn Risk has partnered with an A+ rated Lloyd’s syndicate in structuring the offering.
“Healthcare organisations are under unprecedented scrutiny around how they collect and manage sensitive data,” commented James Bullock-Webster, Head of Tech, Media, and Cyber at New Dawn Risk. “Fines and class action litigation are on the rise, and clients want confidence that their core cyber coverage will stand up when these issues arise. This new product was built with that reality in mind, to protect the integrity of the main policy limit while delivering a meaningful layer of additional financial support.”
New Dawn Risk explains that the solution includes an additional aggregate limit specifically for regulatory fines and penalties, with the aim of preserving the main cyber policy limit in the event of privacy-related claims. According to New Dawn Risk, this feature has been introduced in response to increasing demand for more resilient coverage as enforcement activity and judicial scrutiny in the United States continues to intensify around health and biometric data.
“What sets this product apart is the inclusion of sector-specific enhancements,” added Freya Hide, Tech, Media and Cyber Broker at New Dawn Risk. “It was designed to respond to the unique operational and regulatory pressures facing organisations holding large volumes of patient and biometric data. Clients need cyber cover built around their specific exposures; this offering reflects New Dawn Risk’s commitment to designing products that respond directly to ongoing market challenges.”
New Dawn Risk states that the launch builds on its established expertise within the Lloyd’s market and its experience in structuring insurance solutions for complex, regulation-driven cyber risks in the United States.
