Specialist managing general agent, Ascent Underwriting has added physical damage cover to its CyberPro product, with additional capacity being provided by reinsurance giant Munich Re.
CyberPro forms part of Ascent’s professional and non-tangible risks portfolio, and with the backing of Munich Re, now covers physical and property damage plus debris removal after an insured event.
Ascent states that the addition of physical and property damage addresses the ‘silent cyber’ issue, bridging the gap between cyber and property policies.
According to Ascent, so far, physical damage cover has been almost exclusively made available for very large companies and on a stand-alone basis. However, Ascent’s physical damage addition is designed for businesses of all shapes and sizes, says the firm.
Caspar Stops, who joined the firm in October of last year to lead the development of Ascent’s cyber portfolio, commented: “This enhancement of CyberPro is an exciting development and very timely. We are seeing a shift in the market where coverage for cyber as a peril must be affirmatively given or not given within all insurance policies, not just cyber ones.
“At the same time organisations are increasingly embedding technologies for business improvements and efficiencies, which has led to the creation of cyber physical systems throughout organisational infrastructures and the emerging risk this presents.
“CyberPro caters for a wide variety of network exposures, offering robust protection to insureds in areas of risk which the market has been slow to respond to. It’s not a bolt-on cover, but bridges traditional physical-damage wordings with cyber cover in a highly effective, seamless integration of the two.”
