Brit launches cyber consortium
Brit Insurance has established a consortium to offer first loss limits of up to $250 million of first party coverage.
The product will protect companies operating critical infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage and theft.
It will offer cover for first party property damage, business interruption, the cost of restoring digital assets and reimbursement for resultant business income losses.
The product has been designed specifically to provide insurance protection for large industrial companies, encompassing all aspects of the oil and gas sector, the utilities sectors and other heavy industries.
Russell Kennedy, class underwriter, war and terrorism and Mike Smith head of wordings are responsible for the new product.
In creating this product, Brit partnered with Coalfire, North America’s largest independent cyber security and corporate governance auditor, to provide third party cyber security risk assessment.
Kennedy said: “The threat from cyber attacks is a fast emerging and complex one which presents potential catastrophic risk and for which there is currently inadequate insurance coverage. Attacks can be committed by an array of perpetrators such as terrorists, state-sponsored agents or even disgruntled employees.
“This product gives companies the vital protection and ongoing risk assessment support they need against attacks where the ramifications, financial and operationally, can be disastrous.”
Matthew Wilson, chief executive officer Brit Global Specialty, added: “At Brit, we are constantly looking at ways to innovate and develop new products within the specialty insurance space. The cyber attack cover brings to the market a unique product offer which has been developed by a highly experienced team at Brit in partnership with Coalfire’s expert knowledge of cyber security.
“Alongside the support of our consortium partners this product offers significant new protection and support to clients in this complex emerging risk.”
