GDPR doesn't mean Gosh Darn Privacy Regulation
Most of the buzz in the media makes the EU's General Data Protection Regulation (the real GDPR) sound like a pain in the keister, but no worries, we’re all over it! You may be thinking it doesn’t have anything to do with your clients. Maybe it doesn’t, but maybe it does -- nothing wrong with a little extra peace of mind, right? The reality is the coverage is already built-in, but it doesn’t hurt to expand the definition. We’re pretty jazzed that our cyber partner, BCS, is in the first wave of carriers directly addressing GDPR.
Here’s what you need to know:
|EU’s GDPR goes into effect May 25, 2018|
|The new endorsement specifically includes GDPR with regard to regulatory fines and penalties.|
|Regarding privacy liability, GDPR is acknowledged not only with respect to potential fines, but also in relation to any potential liability associated with an insured’s failure to comply with the regulation|
|GDPR is referenced in a general sense thereby offering the broadest possible interpretation of coverage. Other carriers limit the applicability.|
|No “Wrongful Collection” exclusion that has to be amended. This sets the BCS policy apart from other carriers.|
|Due to current filing restrictions, Alaska, Massachusetts, New Hampshire and Virginia are the only states that will not yet have the GDPR endorsement available to them for the BCS policy.|
|To add the endorsement on current open offers, please re-quote.|
For a deeper dive into the topic, please visit www.eugdpr.org.