Tokio Marine Kiln (TMK), the Lloyd’s specialist insurer, announced the launch of its enhanced “Cyber Ctrl” cyber product suite.
This cyber risk solution features new products and wordings, including Professional Ctrl for technology, media and errors & omissions (E&O), as well as numerous enhancements to TMK’s flagship cyber product, Cyber Ctrl.
New insuring agreements have been added as standard, and several exclusions have been removed. The products offer pre-emptive, responsive, and adaptive cyber risk management alongside proven incident response capabilities, TMK said.
TMK said the new offering will underpin its broader risk appetite across cyber and technology, media and E&O as the insurer “seeks to bring new premium into Lloyd’s and cement its status as a lead market.”
The enhancements to TMK’s offering include:
- Comprehensive business interruption language covering both gross earnings loss and extra expense for own-network interruptions as well as IT and non-IT provider interruptions from security breaches, system failures and voluntary shutdown as standard. No cap on extra expenses to get your business up and running. No ambiguity around when systems are restored; TMK offers a flat indemnity period without caveats.
- Crime coverage that keeps up with the times, including invoice manipulation, funds transfer fraud, social engineering, cryptojacking and telecommunications phreaking as standard with endorsements available to cover LLM hijacking.
- Affirmative security upgrade costs coverage as standard.
- Stock spoilage added to Cyber Ctrl PD+ property damage product.
- Artificial intelligence coverages available by endorsement, including AI regulatory proceedings cover, data contamination, LLM hijacking and, available through its new Professional Ctrl product; affirmative technology E&O coverage for AI services.
- Fewer exclusions: Removal of betterment, insolvency and bankruptcy, illegal software, management liability, hardware replacement, and price description.
The comprehensive Cyber Ctrl suite offers cover tailored for a range of sectors’ needs, and comprises:
- Cyber Ctrl: Enhanced cyber insurance with integrated proactive risk management,
- Cyber Ctrl PD+: Enhanced cyber insurance with physical damage protection and integrated risk management,
- Professional Ctrl: New combined cyber and technology, media and E&O coverage under one policy,
- Sector-specific endorsements for construction, manufacturing, real estate; technology and utilities.
“The cyber threat has evolved and so too must the insurance response. Over the past few months, we have modernized every aspect of our offering to ensure that it is fit for today’s cyber risk landscape,” commented Laila Khudairi, departmental head Cyber & Enterprise Risk at TMK. “Our enhanced Cyber Ctrl suite is the result.”
Khudairi described the product suite as blending expert insurance coverage, proactive risk management, and rapid incident response, along with “what our brokers say is the market’s leading claims service….”
“As a true lead market, we are committed to offering an unrivaled suite of products, providing expertise at every interaction—from vulnerability scanning and risk mitigation, to underwriting and risk management, through to claims and incident response,” she added.
TMK said it has been providing cyber insurance since 2003, making it one of the market’s longest-established players.
Topics Lawsuits Cyber New Markets
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