BI&I Announces Canada’s First Home Cyber Coverage for Consumers

Business Wire

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 businesses.”

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 published.

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).

For more information, visit biico.com and connect on Linkedin, Twitter, Facebook.

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.