At the heart of the Crown JewelSM Protector offering is an insurance product placed exclusively by Crown JewelSM Insurance. We have written a bespoke insurance policy wording which is supported by a consortium of markets via a London and domestic backed line-slip, which provides up to $50M in limits. The policy has three coverage parts which provide for:
- Theft and misappropriation investigation and forensics expenses similar to a traditional cyber policy, but including the use of legal counsel in an attempt to get an emergency injunction following a covered event;
- Payment of the pre-agreed fair market value of the covered Trade Secret Assets if efforts explained) above, are not successful, and;
- Recovery of damages from the misappropriating party/company through enforcement of rights under various trade secret laws and/or through litigation.
The wording virtually eliminates the need for claims adjusting after a covered loss occurs, and provides for payment within a very short period of time. There are very few insurance policies that offer coverage for the value of Trade Secrets today, but no policy has an ‘agreed amount’ valuation. This is a game changer for the industry.
Please contact us to request a non-disclosure agreement if you would like to review the policy wording.
The Crown JewelSM line slip combines the capacity of a consortium of syndicates at Lloyd’s and other global markets. We continue to add capacity so that the line slip increases and will provide updates to the site as necessary. We will only use A rated (or better) paper. We are happy to share with you over the phone who these carriers are if you would like further information.
- The Limits available today is up to $50M.
- There is a minimum retention of 5% of the total limit purchased under Insuring Agreement B.
- Coverage is available for up to 20 trade secrets which must be scheduled to the policy to be covered. Our intention is to cover the “crown jewels” of the company.
- The policy has a Worldwide coverage territory but for now, we are only writing companies that are domiciled in the US. We plan to add other jurisdictions as our experience allows, and will update the website as necessary.
- We will utilize the long-held concept and services of a Monitoring Counsel to represent all of the markets/capacity backers on the slip so that the claims process is as quick and seamless as possible. We have selected Atheria Law to lead this role for us, and we would be happy to explain the role of monitoring counsel if that is not something you are familiar with.
Christina focuses her practice on technology, IP and privacy law. She represents insurers on a broad range of issues and in claims brought against technology and media companies. She also counsels clients regarding data security and privacy breaches, including evaluation, the issuance of breach notification letters, regulatory investigations, and handling of consumer lawsuits. A major focus for Christina is on working with insurers on the development of new insurance programs and manuscripted coverages for evolving cyber security and data breach risks. She received her J.D. from the University of California, Hastings College of the Law and her Bachelor of Science from the University of California, Davis.
We have developed a proprietary underwriting process for Crown JewelSM Protector using the services and knowledge of our partners, coupled with the cyber and privacy risk expertise of Mary Guzman as the point of the spear and conduit to the supporting capacity. Mary will lead the underwriting effort by continuing to utilize her expertise, reputation, and relationships built with backing capacity underwriters over the last decade or more. Mary will also act as a resource for the brokers, lawyers, and other advisors to potential Insureds so that there is full transparency in the process.
The best way to get started is by requesting a phone consultation, after which we will provide you with the Security Questionnaire, and TSAM Maturity Questionnaire, and any other information you need.