The policy, which provides affirmative cover for property damage and ensuing business interruption arising from a cyber attack, is also a response to the retrenchment of cyber cover in the property insurance market.
With limits of up to $25m available, Cyber Ctrl PD+ includes all standard cyber insurance coverages – including privacy liability and non-damage business interruption – and is modular so can easily be tailored to specific client requirements.
Paul Gooch, cyber underwriter at TMK, said: “As most cyber insurance policies exclude cover for property damage, and with property insurance policies increasingly incorporating cyber exclusions, many policyholders could be left with a gap in cover. Cyber Ctrl PD+ is designed to fill that gap, but it is not merely a ‘wrap’ or ‘write-back’ product. Rather it is an evolution of our established Cyber Ctrl policy, providing clarity and certainty of cover in the event of a cyber physical damage incident.”
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