AXA XL, a division of French insurance and investment giant AXA, has designed a new first-party cyber insurance option to help businesses in the U.S address interruption resulting from a cyber attack.
The new cyber option, which is available to businesses that buy 100% of their property coverage from AXA XL, provides protection for loss of income as a result of a security breach, extra expense coverage, data recovery, costs associated with cyber extortion or data breach.
It also provides coverage for legal costs, computer forensics costs, notification costs, credit and identity monitoring and more.
Platinum Property clients who bolt on the first party cyber option to their property insurance policy also have access to cybersecurity services by AXA XL’s breach response providers, online resources, and 24/7 claims support via a hotline.
“Demand for cyber insurance is growing with good reason. Virtually every organization has some cyber exposure,” said Michele Sansone, President of AXA XL’s North America Property insurance business.
“Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first party loss and a streamlined claims process,” she continued.
John Coletti, AXA XL’s Chief Underwriting Officer for Cyber & Technology in North America, also commented: “A cyber event can put a business at a standstill for hours or days. Traditional business interruption is caused by physical damage from a named peril like windstorm, fire or flood.”
“Ingress/egress coverage and civil authority is addressed in standard commercial property coverage,” he explained. “With no physical damage per se, business interruption from a cyber event can be caught in a gray area. This coverage offers clarity.”
AXA XL’s standalone cyber insurance policy provides coverage for third-party claims and first-party mitigation costs following a technology or cyber event. Its cyber coverage is underwritten by Indian Harbor Insurance Company.