XL Catlin creates cyber extension for casualty offering
XL Catlin’s insurance operations in the UK has extended its casualty insurance offering to include a cyber solution.
The endorsement is designed for mid-sized and large companies that don’t require a stand-alone cyber solution and is offered as an extension to general liability policies.
It is available to a wide range of industry sectors and has a limit of £5 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,” said James Tuplin, head of cyber & technology, media and telecoms – International Financial Lines. “We regularly speak to companies that record thousands of attacks every year – sometimes every month.
“Yet many UK organisations – 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.”
Andrew Farmer, senior casualty underwriter, insurance, adds: “We have introduced this endorsement specifically for clients that have not previously bought cyber insurance. Our expert underwriters have a well-defined and straightforward survey for clients to understand their cyber exposures, which helps first-time buyers access this coverage.”