XL Catlin’s insurance operations in the UK announced the extension of its casualty insurance offering to include a cyber solution.
The endorsement – which is designed for mid-sized and large companies that don’t require a stand-alone cyber solution – is offered as an extension to general liability policies.
The extension is available to a wide range of industry sectors and has a limit of £5 million ($6.7 million). It covers the risks associated with data management, data safety, the impact of a network breach and the various costs that may derive from a cyber incident, using a combination of third-party liability and first-party losses coverages.
“Companies around the world are increasingly vulnerable to targeted cyber attacks. We regularly speak to companies that record thousands of attacks every year – sometimes every month,” said James Tuplin, head of cyber & technology, media and telecoms – International Financial Lines.
“Yet many UK organizations – particularly smaller companies with limited resources – still have some way to go in terms of measuring and quantifying their cyber liabilities. And in our experience, this is preventing many of them from transferring the risk to the insurance market,” Tuplin added.
“We have introduced this endorsement specifically for clients that have not previously bought cyber insurance,” said Andrew Farmer, senior casualty underwriter, insurance. He noted that XL Catlin underwriters provide a straightforward survey that helps clients understand their cyber exposures, which helps first-time buyers access this coverage.
This extension complements XL Catlin’s existing stand-alone Cyber & Data Protection policy, managed by its International Financial Lines team.
Source: XL Catlin
Was this article valuable?
Here are more articles you may enjoy.