AmWINS unveils new umbrella policy to tackle silent cyber
US-based global insurance broker AmWINS Group has launched a new umbrella policy designed to fill gaps in coverage resulting from silent cyber incidents.
Silent cyber incidents occur when coverage for a cyber-related loss is either inadvertently provided by insurance policies not specifically designed to cover cyber risk or the exposure is specifically excluded by the primary cyber policy or other policies.
The cyber umbrella programme, called CyberUP, is focused on middle market accounts.
“Until now, the insurance marketplace has only responded to the issue of silent cyber by publishing whitepapers, evaluating carrier books across lines or adding exclusions and sublimits,” said David Lewison, senior vice president and professional lines practice leader of AmWINS. “CyberUP is the market’s first modern Cyber Umbrella policy designed to affirmatively protect insureds against silent cyber incidents.”
Lewison added: “The frequency and severity of cyber breaches continues to increase, and while cyber insurance policies are widely available, breaches have begun to bleed into many other lines of insurance. CyberUP is a true umbrella form that provides coverage without overlapping other policies. The product’s drop-down capabilities are triggered only by a cyber-related event.”
