IronPro, the financial and professional lines unit of Ironshore Inc., has introduced a compromised plastic card re-issuance expense coverage enhancement to its Enterprise PrivaProtector as a financial services sector product.
According to the American Bankers Association, small community banks, defined as those under $1 billion in assets, report that the cost of creating and mailing a new debit card costs approximately $11 per card or $12.75 per card for reissuing a new credit card.
The Compromised Plastic Card Re-Issuance Expense endorsement pays for the insured’s re-issuance expense to replace compromised plastic cards that have been obtained by theft from an electronic data base, computer, computer system or computer network that is not owned, operated or contracted by the insured or the insured’s service provider.
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