J.S. Wurzler Underwriting Managers, LLC has created an insurance product for companies doing business via the Internet. WiSP provides the insurance coverage that addresses the risks specific to the growth of the technology and Internet industry. Much is made in the media these days about the possible dangers for the consumer who makes purchases online. While the advantages are clear, the dangers are many. They include hackers, unauthorised entry, viruses, security breaches and employee error.
Higher limits are available if necessary.
Professionals in various segments of the insurance marketplace were interviewed about the existing, anticipated and potential vulnerabilities. Extensive research was structured around the results of these conversations and in March 1998, carefully crafted into a new kind of insurance company specialising in bringing Internet technology insurance programs to market. This policy was not designed for Internet Service Providers. Insured companies must both comply with minimum safeguards set forth by underwriters and undergo an external Web site Security Assessment. This assessment quantifies the exposure, outlines the critical time frame for recovery and assesses their network vulnerability.