General Data Protection Regulation insurance for companies
GDPR is a new set of rules designed to give citizens more control over their data. The GDPR will replace the current European Union directive and will be applicable from 2018 May 25 in all European Union member States. New regulation effects all companies/institutions which activities related with personal data. Organizations in breach of GDPR can be fined up to 4% of their annual global turnover or up to 20 Million EUR, which can be a significant financial load for business. For more information click link: https://www.eugdpr.org/.
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COLEMONT as a licenced LLOYD’S Coverholder has created an insurance solution for companies to manage new GDPR risks. We offer you our exclusive insurance for GDPR LEGAL COSTS and GDPR COMPANY FINES up to the limits detailed below. We truly hope that our solution will allow you to meet new GDPR regulations with confidence and obtain the appropriate GDPR insurance directly from LLOYD’s in the most simple way.
Summary of insurance coverage
- INSURER: 100% Lloyd‘s Syndicate;
- INSURED: Company/Institution related to personal data activities;
- POLICY PERIOD: 12 months;
- LIMIT OF INDEMNITY:
Option A: 1.000.000 EUR GDPR fine limit and 50.000 EUR legal defense costs.
(Companies with Annual Turnover less than EUR 50,000,000 )
Option B: 5.000.000 EUR GDPR fine limit and 100.000 EUR legal defense costs.
(Companies with Annual Turnover EUR 50,000,000 to EUR 250,000,000)
Option A: (Companies with Annual Turnover less than EUR 50,000,000 ):
1.000.000 EUR GDPR fine limit and 50.000 EUR legal defense costs.
Option B: (Companies with Annual Turnover EUR 50,000,000 to EUR 250,000,000):
5.000.000 EUR GDPR fine limit and 100.000 EUR legal defense costs.
- WORDINIG: Colemont GDPR Wording >>;
- EXCLUSIONS: No exclusions;
- GOVERNING LAW: Country of Insured‘s;
- PREMIUM: From EUR 4,000.