Fidelity and Deposit offers E-Risk protection, mortgage lenders policy
The Fidelity and Deposit Companies introduced two new products for the commercial insurance market. The E-Risk Protection Program offers businesses risk assessment and management services, e-risk insurance products, and alternative risk transfer programs in the form of captives and rent-a-captives. Covered risks are e-mail communication, customer access to information and services, private and public publishing of Web site information, hosting clients’ Web sites, selling products and services, and collaboration with other partners.
Coverage is provided for loss of business income that results from an e-business incident; expenses incurred to rebuild the insured’s reputation when it is damaged by negative publicity; development or replacement cost for the loss of software or proprietary data; difference in conditions; interruption of service liability from third parties; and liability that arises from the insured’s electronic publishing.
F&D’s financial services division launched Mortgage Lending Solutions (MLS), which covers financial institutions and their subsidiaries for wrongful acts related to mortgage lending. Coverage applies to employee/human error committed in the course of processing a loan that results in a loss to the institution’s mortgage holder’s interest in collateral property. This allows the institution to rely on title information already obtained through its loan underwriting process, with no need to pay for “search only” title service.
MLS is a stand-alone policy and is written as an errors and omissions form. It is a blanket program that covers the lender’s portfolio of mortgages reported to F&D. The policy cannot be canceled except for failure to pay premiums.
Copyright Rough Notes Co., Inc. Jul 2000
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