The claim we see most is wire fraud. Someone gets an email that looks like it's from their escrow officer, contractor, or bank, they send the money, and it's gone. Banks usually won't cover it. NetGuard SELECT from Tokio Marine HCC is personal cyber insurance, and it covers those stolen funds up to your full limit, even if it was your assistant who sent the wire. It also covers ransomware, identity theft, data recovery, and help for your kids if they're bullied online, and it comes with identity monitoring. Our pricing is $700 a year for $250,000 of coverage, $1,765 for $500,000, or $2,650 for $1,000,000, including fees and taxes and subject to underwriting. The application is short, and coverage generally starts 7 days after we share your application with the carrier.
How wire fraud usually happens
A few examples of what could happen:
Closing on a home. You are waiting to close and get an email from your real estate agent with wiring instructions. The agent's email account was hacked. You wire the down payment to the criminal.
Contractor invoices. A contractor working on your house emails a weekly invoice, and your assistant pays it. After a few weeks the real contractor calls to ask why he hasn't been paid. Someone had taken over the email chain and changed where the money went.
A call or text from "your bank." Someone calls or texts pretending to be your bank. They get your password, or they talk you into moving money.
What the policy does
If you lose money to a scam like these and you can't get it back from your bank or credit card company, the policy covers the loss. The cyber crime coverage is the same as your full policy limit: $250,000, $500,000, or $1,000,000. It also applies if someone working for you, such as an assistant or bookkeeper, sent the payment. A $1,000 deductible applies to each claim.
Tokio Marine HCC's claims team is available 24/7 at 888.627.8995 or CyberClaims@tmhcc.com.
Other coverage in the policy
Ransomware and extortion. If someone locks your computer or files and demands payment, the policy pays the ransom and the cost of an IT expert to help.
Identity theft. Pays for credit reports, credit monitoring, and an attorney to help restore your identity and credit. You also get access to IDX identity monitoring once the policy is issued.
Data recovery. Pays to replace, recreate, or restore data on a computer or device in your home that is damaged or stolen.
Cyberbullying. If someone in your household is bullied online, it pays for therapy, temporary relocation, childcare or caregiver costs, and an IT expert to remove the content. If a child can't go to school, it can also pay for tutoring or a move to another school.
Privacy liability. If you hold other people's personal information, for example as a nonprofit board member or a youth sports coach, and it gets exposed, the policy pays to notify them and give them credit monitoring. It also covers your defense if they sue.
Pricing
Coverage Limit
$250,000
A starting point for most households.
$700/yr
Coverage Limit
$500,000
For families who move larger sums of money.
$1,765/yr
Coverage Limit
$1,000,000
For significant assets, trusts, and real estate transactions.
$2,650/yr
Every option covers the same things, including wire fraud and ransomware up to the full limit. Each has a $1,000 deductible per claim, and prices include fees and taxes.
Prefer to talk it through? Call 619-297-9181. Pricing is subject to underwriting.
For business owners
This is personal coverage. It does not cover your company's systems, email, or business accounts, and it doesn't replace a commercial cyber policy.
We can write it on the executives and key people at your company as individuals. The company can pay the premium, but each person has their own policy. Call us and we'll go over limits, who should be covered, and billing.
How to apply
You answer 3 questions about prior claims, review the coverage description and application wording, then pick your limit and pay. We complete the application for you, and Tokio Marine HCC issues the policy and bills you directly. Coverage generally starts 7 days after we share your application with the carrier.
This is available to current Falcon West clients. If you're not a client yet, start here.
Why Falcon West
Falcon West has insured families and businesses since 1981. In recent years we've seen clients lose large amounts to wire fraud, spend months fixing a stolen identity, and lose family photos to a locked computer. A homeowners policy usually doesn't cover any of that. We looked at the personal cyber policies available and chose NetGuard SELECT because it covers stolen funds up to the full limit.
Questions? Call us.
This page provides a general product summary and should not be construed as a guarantee of coverage. Claim examples are hypothetical and used only to illustrate how the insurance is intended to apply. Whether, or to what extent, the insurance applies to a particular claim or loss depends on the circumstances and the terms and conditions of the policy, as issued.
