FM Global, a global commercial property insurer, has launched a new endorsement to its all-risk FM Global Advantage policy – Cyber Optimal Recovery – to help maximize a client’s recovery from a cyber-related loss.
Designed for clients that have—or intend to purchase—a stand-alone cyber policy, the new Cyber Optimal Recovery endorsement grants FM Global clients the option to choose whether the FM Global Advantage policy is primary, contributing or is in excess to a cyber policy, in order to maximize recovery under both policies.
“Cyber risk is becoming increasingly sophisticated and complex and leading many organizations to purchase separate cyber policies that often cover both third-party liability and first-party property. This creates a scenario where it may be unclear how these policies would interact in the event of a cyber loss,” said Bret Ahnell, FM Global executive vice president.
Ahnell added the endorsement addresses this issue so there is not contract uncertainty in the claims recovery process.
FM Global is a mutual insurance company.
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