TMK enhances cyber proposition with physical damage cover
Tokio Marine Kiln (TMK) has announced the launch of Cyber Ctrl PD+, an enhanced cyber insurance policy to protect clients against the growing threat of physical damage stemming from cyber attacks...
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.”