AML / CFT: insurance for documents storage / destruction companies
As off-site storage of hard copies becomes more common - as does outsourcing of document destruction - the question of liability for loss and / or security breaches becomes ever more important. A US insurance company has designed a policy specifically for that industry.
The Hanover Insurance Group, Inc., has expanded its range of industry-specific products by introducing a new policy for the record storage and destruction companies.
The Hanover's portfolio of industry-specific offerings includes solutions for schools, human services agencies, removals and storage companies, chauffeured transport, marina and boat dealers. These comprehensive industry schemes provide specialised coverage and limits that go far beyond those offered through standard business insurance, the company says.
The following are statements from The Hanover:
Hanover Document Management Advantage was developed to provide organisations in this industry with the coverage they need to protect against a multitude of industry-specific exposures. This total solution includes coverage for professional liability, general liability, commercial property, commercial auto, umbrella and surety bonds.
With recent stringent legislation addressing the storage, transport and destruction of confidential information, document management is a rapidly growing business.
Specifically, Hanover Document Management Advantage provides comprehensive coverage for a wide range of businesses that are engaged in the secure pick-up, storage and/ or destruction of confidential information. Highlights of the new policies include:
- Professional liability coverage to protect against such risks as the unintentional release of confidential information and accidental shredding of customer documents
- Warehouse legal liability to protect against customer goods that may be damaged in storage
- Equipment breakdown coverage to help extend coverage to mobile shredding units
The policy is available direct or through agents.
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