Chartis Introduces Merchant Data Security Policy

NEW YORK--(BUSINESS WIRE)-- Chartis today announced the introduction of the Merchant Data Security Policy, a solution developed by its Executive Liability Division. This policy allows credit card processors to address the potential financial burden to the processor and its merchants as a result of a data security breach that puts credit card data in a merchant’s possession at risk.

The program covers a wide range of costs associated with a data breach, including:

• Monetary assessments, including contractual fines and penalties, levied by a card association;
• Cost of security assessments and/or forensic audits to assess data security practices and investigate a breach incident;
• Cost of bank card replacements and related expenses; and
• Post-incident expenses, including identity theft recovery services, credit monitoring and identity theft awareness training.

“The Merchant Data Security Policy provides processors with a valuable enhancement to their core services,” said Tracie Grella, President of Professional Liability, a unit of Executive Liability. “It also allows a processor’s merchants to manage unexpected and potentially large assessments that could affect their ability to accept credit card payments or cause a potential bankruptcy.”

For more information regarding the Merchant Data Security Policy, please send an e-mail to [email protected] or visit http://www.chartisinsurance.com.

About Chartis

Chartis is a world leading property-casualty and general insurance organization serving more than 40 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.

Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.Chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.

Chartis
Marie Ali, 212-458-2536

Source: Chartis