The Boiler Inspection and Insurance Company of Canada (BI&I), part of German reinsurance firm Munich Re, has rolled out its home cyber insurance plan for consumers in Canada.
Dubbed Home Cyber Protection, the new offering is the first personal lines cyber insurance product launched by the company for Canadian consumers.
The new product offers coverage and services for cyber extortion, cyber attacks, online fraud and the breach of personal information through smart phones, computers and connected home devices.
BI&I vice president Derrick Hughes said: “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.
“Consumers can now access cyber coverages previously available only to businesses.”
Coverages offered under the BI&I Home Cyber Protection include the removal of malware on a computing or connected home device, the recovery of data and system restoration.
The offering also includes professional assistance on how to respond to ransomware attacks, and payment of ransom once approved.
The insurance plan will also offer coverage for losses due to unauthorised bank transfers, identity theft, forgery, counterfeit currency, and intentional and criminal deception.
To deal with data breach, BI&I will offer 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.
The new product can be linked to the homeowners or tenants policies of the insurance companies that partner with BI&I.