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Oak Underwriting adds home cyber cover for HNW offering

IBR Staff Writer Published 16 October 2017

RSA-owned Oak Underwriting has enhanced its legal expenses and home emergency cover for high-net-worth (HNW) clients with home cyber protection.

To be underwritten and administered by DAS, the improvedoffering will be sold through brokers.

From 1 December 2017, the HNW home product will automatically include home cyber assistance.

Oak stated that it will support its customers by investigating and rectifying damage to the computer and locate and remove computer viruses and hire professional consultants to advise its customers about measures for prevention against any future cyber attacks.

In addition to this, Oak will also offer a comprehensive cyber crime cover with a £100,000 limit. This is an optional upgrade and will cover payments that are liable as a result of hacking, ransomware or misuse of personal data.

Oak Underwriting managing director Mark Coffey said: “Our home offering has been updated to ensure our HNW customers are protected against the risks they face today that are not necessarily included in a more traditional policy. Our priority is to ensure that we are providing innovative insurance solutions that meet the expectation and need of our valued customer base.

“We are pleased to be partnering with DAS to offer this increased cover, which we are confident will meet broker demand and be flexible enough to offer the cover that customers need today.”

Oak also stated that usually devices are commonly shared among family members and hence, the cyber crime policy will cover immediate family along with domestic employees. DAS will underwrite and administer these legal expenses and home emergency cover and it will be sold through brokers.

DAS UK & Ireland, managing director Insurance James Henderson said: “The high-net-worth insurance market requires innovative, tailored products that meet the changing needs of its customers and I am delighted that we’ve been able to demonstrate how we can build customer-centric offerings through the new partnership with Oak Underwriting. This is a very important strategic partnership with Oak and RSA, which will be a significant focus for us.”

In August, Oak’s parent company RSA has partnered with Validus to use its Verify portal to speed up liability decisions and to reduce time to recover subrogated losses.

Image: Mark Coffey, Oak Underwriting managing director.  Photo: courtesy of RSA.