Plum Underwriting, the London-based specialist home insurance managing general agent, announced the launch of cyber and data risks cover embedded within high net worth (HNW) and mid net worth (MNW) home insurance products in the UK.
Plum’s Home Cyber covers a range of system, online crime / fraud and liability exposures. These include losses resulting from damage to home computer systems, identity theft, telephone hacking, cyber ransom and the costs relating to social media defamation and product disparagement claims, Plum said in a statement.
The cover also provides access to specific support services including representation and advice by legal professionals, public relations guidance and advice, identity theft resolution services, IT forensic specialists, data restoration support and a specialist 24-hour claims helpline.
The cover will be embedded within Plum’s Premier and Amethyst all risks HNW and MNW policies. Underwriting capacity will be provided by HSB Engineering Insurance (HSB), which already provides personal cyber cover in the U.S. market. A subsidiary of Munich Re, HSB also provides the capacity for Plum’s renovation and refurbishment products: HomeWorks for homeowners and PropertyWorks for commercial property owners.
“Cyber criminals and fraudsters are increasingly targeting HNW and MNW individuals with sophisticated ransomware and cyber fraud attacks,” said Emma Bennett, head of Private Clients at Plum.
“Brokers have recognized this and are looking for dedicated cover and support for their private clients to address cyber exposures,” added Bennett.
“Home Cyber directly responds to this demand and, by combining a strong and knowledgeable capacity provider with expert support services, we are able to provide a market-leading solution that builds on our lead position in the specialist household insurance market,” she continued.
Simon Hawksworth, head of Strategic Partners from HSB, said: “This extension to our relationship with Plum enables us to further develop our cyber risk solutions and capabilities. The launch of Home Cyber is the next evolution of cyber for us; demonstrating our commitment to and appetite for new cyber risk opportunities in both the commercial and personal lines markets.”
Plum Underwriting Ltd. provides specialist home insurance products for the UK and Republic of Ireland broker market, and is part of Global Risk Partners Ltd., the specialist investment vehicle for brokers and MGAs.
Source: Plum Underwriting Ltd.
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