How to find insurance software?

"Insurance Brokers/ Risk Management for Online Businesses"

• I am trying to find out which Insurance Brokers the following three companies use: Amazon, Ebay and Yahoo! There is no information in their Annual Reports (only information about their Auditors) and it is very difficult to contact any relevant department such as Risk Management within these organisations. Essentially, I want to find this out because I want to insure the assets of my online business and therefore want to find "expert" Insurance Brokers/ Risk Managers that can insure my assets (servers etc) and not just provide me with insurance against software viruses. Therefore, I want to find Insurance Brokers that specialise in insurance for the physical assets of online businesses as well as the Insurance Brokers that Amazon, Ebay and Yahoo! use. Can you help me find out? Thanks.

• Answer:

  Goshka, Thank you for accepting my findings as the formal answer to your question. I am reposting the information below for your convenience. The following paragraph claims that American International Group (AIG) protects Canadian clients including Yahoo Canada in Toronto. This company writes 70 percent of cyber-policies in the U.S. Excerpt: ?Nonetheless, it seems that some insurance companies are willing to cast all risks aside and hedge their bets. Take Holman Insurance Brokers Ltd., based in Richmond Hill, Ont., as just one example. The company offers protection for both hacker/cyber theft and DoS attacks. Likewise, American International Group (AIG), the world's largest insurance company that writes 70 per cent of cyber-policies in the U.S., offers similar protection to Canadian clients, including Yahoo Canada in Toronto. Also on the bandwagon is Lloyd's of London, which offers US$10 million in cyber-protection for US$750,000.? Source: ITBusiness.ca Posted on September 22, 2003 E-Commerce Alerts Research and retrieval of news articles by Bennett Gold Chartered Accountants http://www.e-commercealert.com/article596.html ==================================================== A Business Week article states that (AIG ) holds approximately 70% of the global e-insurance market and other major players are Chubb (CB ) and Zurich North America. Excerpt: ?From a standing start two years ago, revenues from policy purchases grew to just shy of $100 million in 2001, according to insurance execs. "This will be at least a $1 billion market by 2007," says Ty Sagalow, chief operating officer of American International Group's eBusiness Risk Solutions Group.? ?He should know: AIG (AIG ) holds approximately 70% of the global e-insurance market and has written 1,500 policies for companies ranging in size from small businesses to giant corporations. AIG is best positioned to influence security software standards, and it's already doing so.? ?Other major players such as Chubb (CB ) and Zurich North America (ZFSVY ) now offer their own policies. Such coverage isn't cheap: A typical policy costs hundreds of thousands of dollars annually for only tens of millions of dollars worth of coverage. But these policies could become a mandatory cost of doing business in the next five years. ? Business Week : April 2, 2002 http://www.businessweek.com/bwdaily/dnflash/apr2002/nf2002042_8163.htm ==================================================== Perhaps Amazon is working with AIG, because in 2003 Roberta Martoza, Risk Manager, Amazon.com and Emily Freeman,VP and Executive Director of Consulting, AIG eBusiness Risk Solutions were guest speakers on the topic of Cyber-Risk." ?Cyber-Risk" Combined Lunch Meeting PNW Chapter CPCU and PNW Chapter RIMS Guest Speakers: Roberta Martoza Risk Manager, Amazon.com Emily Freeman VP and Executive Director of Consulting, AIG eBusiness Risk Solutions ?Both are true experts in their fields. Roberta, who will represent our local presence, has extensive experience on this topic through her risk management work at Amazon.com, the leading on-line retail giant of our time. Emily, who lives in California but works on this issue nationwide for AIG (and was previously with Marsh), has been a principal drafter of cyberspace insurance products, senior consultant for e-business risk management, and leads risk analysis workshops for major corporations with infrastructure and commerce applications utilizing computer networks and the Internet.? Washington State CPCU http://www.pnwcpcu.org/lkwa_meetings_2003.htm ==================================================== "Lloyd's has formed alliances with Marsh, Inc. and Safeonline to protect companies against technology hazards like e-mail viruses and hackers. In October it partnered with Yahoo to provide insurance for purchases made on the site./ Forbes 2001 http://www.forbes.com/best/2001/0521/092.html ==================================================== Origins of hacking insurance "Each of the attacks showed the vulnerability not just of online businesses but of all businesses, deepening the awareness of E-commerce risk. And while most property/casualty policies failed to cover that risk, several major and more than a few minor insurers have moved to fill the void, including Lloyd's of London , Zurich Insurance Group , and Chubb Group of Insurance Companies." http://www.andrew.cmu.edu/user/hchong/origins.htm ==================================================== "American International Group, the largest network-security insurer, recently created stand-alone coverage for viruses and credit card and ID theft. Hiscox, a Lloyd's of London syndicate, last year initiated a policy for telecommunications, media and technology companies that covers virus and hacker losses. Chubb now offers financial institutions a policy for "e-theft, e-vandalism and e-extortion." Zurich North America, in one plan last year, added a reward for information leading to the conviction of cyberterrorists." USA Today 2003 http://www.usatoday.com/money/industries/technology/2003-02-09-hacker_x.htm ==================================================== Ty Sagalow, President of AIG Corporate Product Development, former chief operating officer and executive VP of New York City based AIG eBusiness Risk Solutions talks about Cyber Risk Insurance here: http://www2.cio.com/ask%5Cexpert/2003/questions/question1577.html ==================================================== Search terms: Yahoo, eBay, Amazon, insurance, hacker, virus, risks, cyber insurance, Best regards, Bobbie7