ISMIE’s Cyber and Healthcare Regulatory Liability Protection

ISMIE continues to improve its Cyber Liability Protection by adding new coverages to our already broad list. ISMIE works hard to protect you and your practice, so you can focus on what matters most, your patients. Effective January 1, 2024 – ISMIE is adding Reputational Loss and enhancing other coverages.

Cyber Coverages Offered:

Data and Network Liability pays damages and claims expenses due to:

  1. a data breach;
  2. a security breach;
  3. the organization's failure to timely disclose a data or security breach; or
  4. failure to comply with a privacy policy.

Breach Response Services pays damages and claims expenses due to:

  1. An attorney to provide legal advice regarding obligations pursuant to breach notice laws or a merchant services agreement;
  2. A computer security expert to determine the existence, cause, and scope of an actual or reasonably suspected data breach;
  3. A PCI forensic investigator to investigate the existence and extent of a data breach involving payment card data pursuant to a merchant services agreement;
  4. Notification to individuals potentially impacted, credit monitoring, or other solution; or
  5. Crisis management.

Regulatory Defense and Penalties provides coverage for any regulatory proceeding brought against the policyholder because of a data or security breach.

Business Interruption Loss provides coverage for any income loss and any forensic expenses as the result of a security breach.

Media Liability provides coverage for any claim which arises from the display of information  online, such as the policyholder’s website or social media accounts.

Payment Card Liabilities and Costs provides reimbursement to the policyholder for losses that result under the terms of merchant services agreements enabling policyholders to accept credit, debit, or other payment cards.

Cyber Extortion provides reimbursement to the policyholder for losses that result from a threat to alter, destroy, damage, delete, or release electronic data, including patient, business, and personal information and software.

Data Recovery Costs covers expenses incurred to regain access to, replace, or restore the policyholder's data.

Reputational Loss covers net profit lost by the policyholder during the notification period due to damage to the policyholder’s reputation as the result of an actual or reasonably suspected data breach.

Healthcare Regulatory Liability provides coverage for any claim which arises from an alleged error or omission involving: billing errors, self-referrals, violations of the Health Insurance Portability and Accountability Act and/or the Emergency Medical Treatment and Labor Act.

eCrime provides coverage for financial loss resulting from fraudulent instruction, funds transfer fraud, or telephone fraud, and criminal rewards that lead to the arrest and conviction of individuals committing eCrimes.

Summary of Coverage  

Higher Limits for Cyber and Healthcare Regulatory Liability Protection

Policyholders can increase their cyber liability protection with higher limits. ISMIE Mutual offers flexible pricing options for individual physicians and groups.

  • Obtaining higher cyber liability limits is simple for individual physician policyholders and groups with up to 10 physician affiliates and is $850* per physician.
  • Larger groups or any policyholder desiring limits higher than $1M aggregate must complete an application to receive an indication for higher cyber limits.
  • In addition to higher cyber liability limits, you can increase your Healthcare Regulatory Liability limits for an additional premium charge.
  • Higher eCrime coverage limits are also available for additional premium.

These enhancements are currently available to ISMIE Mutual Illinois, Michigan, Indiana, Pennsylvania, Kentucky, Iowa, Tennessee, Massachusetts, Alabama, Arizona, Colorado, Delaware, Idaho, Washington, D.C., Nebraska, South Carolina, Maryland, Georgia, Arkansas and Kansas policyholders. These enhancements will be coming to other ISMIE Mutual States in 2024. Please check this page for updates.

*Subject to a completed application and underwriting review and approval.
**Cyber and Healthcare Regulatory Liability coverage does not apply to ISMIE Mutual Michigan policyholders insured through the SEMPIC program.
Note: Availability of coverages and program features are subject to state insurance statutes in your particular state(s) of practice.

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