BI&I Home Cyber Protection Covers Smart Phones, Computers and
Connected Home Devices Against Cyber Threats
TORONTO–(BUSINESS WIRE)–The Boiler Inspection and Insurance Company of Canada (BI&I), part of
Munich Re, today announced the launch of Home Cyber Protection, the
first personal lines cyber insurance product for consumers in Canada.
BI&I Home Cyber Protection offers a suite of coverages and services for
cyber attacks, cyber extortion, online fraud and the breach of personal
information involving smart phones, computers and connected home devices.
“The increasing growth of connected devices and smart home equipment is
making homeowners more connected than ever, but also creating
opportunities for cyber attackers to steal information, extort money,
commit fraud, and damage data and systems,” said Derrick Hughes, vice
president for BI&I, a leading provider of cyber insurance and services.
“Consumers can now access cyber coverages previously available only to
BI&I Home Cyber Protection bundles the following coverages:
- Cyber Attack, to remove malware on a computing or connected
home device, recover data and restore systems.
- Cyber Extortion, with professional assistance on how best to
respond to a ransomware attack, and payment of ransom when approved.
- Online Fraud, for losses due to identity theft, unauthorized
bank and credit card transfers, forgery of cheques, counterfeit
currency, and intentional and criminal deception.
- Data Breach, including forensic IT and legal reviews,
notification, fraud alert and identity recovery services when private
non-business data entrusted to an individual is lost, stolen or
BI&I Home Cyber Protection is added to the homeowners or tenants
policies of insurance companies that partner with BI&I, and covers the
individuals and family members insured by those policies.
The Boiler Inspection and Insurance Company of Canada, a member
of HSB Group and part of Munich Re’s Risk Solutions family, provides the
industry-leading range of equipment breakdown insurance and other
specialty coverages for business and home. We focus on clients and
partner with them to craft inventive insurance and service solutions to
cover existing and emerging risks posed by technological change. Today,
as throughout our 140+ year history, our mission is to use our
engineering knowledge and insights to help clients prevent loss, advance
sustainable use of energy resources and build deeper relationships that
benefit business, industry, public institutions and clients. HSB Group
holds A.M. Best Company’s highest financial rating, A++ (Superior).
Munich Re is one of the world’s leading providers of reinsurance,
primary insurance and insurance-related risk solutions. The group
consists of the reinsurance and ERGO business segments, as well as the
capital investment company MEAG. Munich Re is globally active and
operates in all lines of the insurance business. Since it was founded in
1880, Munich Re has been known for its unrivalled risk-related expertise
and its sound financial position. It offers customers financial
protection when faced with exceptional levels of damage – from the 1906
San Francisco earthquake to the 2017 Atlantic hurricane season. Munich
Re possesses outstanding innovative strength, which enables it to also
provide coverage for extraordinary risks such as rocket launches,
renewable energies, cyberattacks, or pandemics. The company is playing a
key role in driving forward the digital transformation of the insurance
industry, and in doing so has further expanded its ability to assess
risks and the range of services that it offers. Its tailor-made
solutions and close proximity to its customers make Munich Re one of the
world’s most sought-after risk partners for businesses, institutions,
and private individuals.
BI&ISilvana Martins, +1 416-216-7204Media Relations