North American Data Security RPG (the "Company") is a risk purchasing group formed in Michigan and authorized under the Liability Risk Retention Act (the "LRRA"), which is a federal law enacted in 1986 to facilitate access to liability insurance on a more cost-efficient basis. As a risk purchasing group and pursuant to the LRRA, the Company is permitted to collectively purchase liability insurance on behalf of group members to cover their similar exposures that result from the members' common practices or activities.
The Company purchases liability insurance from one or more insurance carrier(s) with an AM Best rating of "A" or better.
Breach Protection Coverage is a reimbursement program acquired to reduce monetary exposure in the event of a data compromise of a merchant account. Breach Protection is designed specifically to meet the expenses resulting from a suspected or actual breach of credit card data from a merchant account. The program is offered and administered by North American Data Security Risk Purchasing Group (RPG), and funded by AXIS Insurance, rated by AM Best as an "A+" insurance company. SecureTrust is bundling Breach Protection with our compliance solution, to create a comprehensive system designed to get merchants PCI-DSS compliant and protect them from the potentially business-threatening costs of data breach.
Any Level 2, 3 or 4 merchant account is eligible, provided the merchant account has not already suffered a data compromise.
Level 1 merchant accounts are not eligible.
No. However, if a merchant account experiences a breach, the merchant account must become certified compliant before that merchant can participate in coverage under the Policy.
Yes. 90% of merchant account breaches occur at small businesses with less than 1 million transactions per year.
For a brief overview of the program click HERE.
*The information provided in this FAQ and brochure is for general information purposes only. The actual policy should be reviewed for specific terms, conditions, limitations, and exclusions that will govern in the event of loss.