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Cyber risks : good start for the insurance program of the UMQ

by

Charles Mathieu

5 July 2019 09:30

Photo : Freepik

The grouping of insurance against cyber-risks of l’Union des municipalités du Québec (UMQ) allows approximately 90 municipalities to take advantage of a complete coverage in terms of cyberassurance offered by BFL Canada.

An interactive map, created by the Journal of insurance, you can see the municipalities that benefit from the coverage.

It is also noteworthy that nearly a third (29) of the municipalities are located in the Montérégie region, and that 10 of them are in the Laurentians. In addition, no municipality in the administrative region of Laval has a coverage offered by the grouping.

“Note that all of our business combinations in the insurance industry are open to both municipal organisations members and non-members of the UMQ, so this is not necessarily an effective indicator. In this case, for example, Cap-Chat, joined this grouping, but is not a member of the Union, ” says Patrick Lemieux, director of communications and marketing for the UMQ.

A complete protection

The coverage includes protection against cyber attacks, piracy, and ” the demands of ransom by criminals “. In addition, the UMQ submits that ” participating municipalities will also benefit from an assistance service complete in case of attacks against their systems.”

The coverage offered is $ 250,000, with a possibility to increase it by up to $ 2 million. “According to an independent analysis of the submissions received in the framework of the public tender, the participating municipalities will receive, on average, premiums 50% lower than if they had received the same coverage individually,” said UMQ.

A membership campaign successful

The contract, which followed a public tender launched last April, has been granted to the insurer on the 14th of June last. The agreement between the UMQ and BFL Canada, which has a term of 5 years, entered into force on the 1st July last.

“As the consolidation in the insurance against cyber-risks is all new, and it is the first public call for tenders that we are conducting to this end, we are very pleased with the enthusiasm generated by our membership campaign of last winter with the municipalities,” says Mr. Lemieux.

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