WTW launches ‘first standalone cargo cyber solution’ in insurance marketplace
WTW (formerly Willis Towers Watson) has unveiled an affirmative cyber coverage product for cargo and stock throughput risks, which it claims will be the first standalone cargo cyber solution in the insurance marketplace.
The product was developed in collaboration with Lloyd’s coverholder Falvey Cargo Underwriting, a Falvey Insurance Group company.
WTW highlighted that cyber risk exposure is an ongoing concern in all aspects of the global supply chain. Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies following widespread adoption of the LMA 5403 Cyber Endorsement in November of 2019.
The standalone product provides affirmative coverage for loss or damage to goods while in the ordinary course of transit and/or while in storage caused by the malicious use of a computer or computer system. It also offers coverage “wraps” around the underlying cargo or stock throughput policy, and streamlined underwriting and quoting process.
WTW added, an agreed programme rating for $1,000,000 in limit, limits up to $5,000,000 may be available for select insured’s subject to underwriting review.
“As cyberattacks continue unabated, it is prudent for insureds to find affirmative coverage for cyber threats within the global supply chain,” said Chris Gambini (pictured), WTW cargo practice. “With the help of Falvey Insurance Group, we’re now able to provide a solution that so many customers were looking for,” he added.
Graeme Schultz, vice president and national broker practice leader of Falvey, commented: “Falvey is proud to be partnering with WTW on this product. As a well-established MGA for more than 25 years, we pride ourselves on finding insurance solutions for our brokers and clients. Our broad network of carrier partners has once again stepped up to help us bring the first significant solution for this excluded coverage to market.”
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