AIG Launches Primary Cyber Coverage for Property and Liability Exposures
American International Group has announced it has launched CyberEdge Plus, a standalone policy specifically designed to provide clients with primary insurance protection for a broad range of cyber risks, including property damage, bodily injury, business interruption, and product liability...
Using AIG’s cyber, casualty, and property capabilities, CyberEdge Plus is the first primary coverage written by any carrier in a standalone policy specifically to address these cyber exposures.
“Cyber is a peril. It can no longer be considered a risk covered by a traditional network security insurance product,” said Tracie Grella, Global Head of Cyber Risk Insurance, AIG. “Companies in all industries need access to coverage for property and liability exposures that come with cyber connectivity, and they need that coverage to start at the primary level.”
To offer this coverage, AIG has combined its cyber insurance and risk mitigation offerings and partnerships with the knowledge, data, and experience developed over decades of underwriting, evaluating, and mitigating property, casualty, and financial line risks.
AIG was the first carrier to offer cyber event protection for property damage and bodily injury on an excess and difference-in-condition basis through its CyberEdge PC policy, which was launched in 2014.
The company has been providing stand-alone cybersecurity insurance coverage since the late 1990s to help customers manage risks and cover costs associated with data breaches, from forensic investigations, credit monitoring, and reputation management to business interruption, and compliance with state breach notification laws.
As part of its cyber insurance coverage, AIG offers risk mitigation expertise through a number of cyber specialists that can offer clients independent analysis of their cyber-related exposures and related coverage, as well as assistance with employee training, compliance, threat intelligence, and incident response planning, among other client risk services.
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