20 July 2016 Insurance

AIG introduces new primary cyber coverage

American International Group (AIG) has released a standalone policy specifically designed to provide clients with primary insurance protection for a broad range of cyber risks, including property damage, bodily injury, business interruption, and product liability.

CyberEdge Plus uses AIG’s cyber, property and casualty capabilities and, according to the company, is the first primary coverage written by any carrier in a standalone policy specifically to address these cyber exposures.

The cyber insurance coverage offers risk mitigation expertise through a number of cyber specialists that can offer clients independent analysis of their cyber-related exposures and related coverage.

Tracie Grella, global head of cyber risk insurance at AIG, said: “Cyber is a peril. It can no longer be considered a risk covered by a traditional network security insurance product.

“Companies in all industries need access to coverage for property and liability exposures that come with cyber connectivity, and they need that coverage to start at the primary level.”

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