What is PCI Insurance?
PCI insurance allows an acquirer to contractually indemnify their merchants for PCI and data breach related costs.
How does this differ from other policies available?
Frates is the original author of this policy and offers the broadest coverage available.
ETA members also receive reduced rates on the policy through our affinity program.
What are some other benefits of PCI Insurance?
Allows acquirers to offer as a value-add or a revenue stream.
What types of companies need this type of insurance?
Any acquirer in the payments industry with a portfolio of merchants.
A group of merchants are breached and fined by the PCI Council in addition to having to pay the costs of forensics, audit, and notification. Because the merchants are indemnified by the acquirer, the PCI Insurance policy will pay these losses. If the merchants are sued by the issuing bank or customers, costs for defense and damages will be picked up by the merchants’ own individual Cyber Liability Insurance policy.