Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product.
CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund.
In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox is notified of a cyber incident within 48 hours.
Building upon cover typically seen in property markets, the business interruption element is tailored to the insured’s individual business needs through coverage options including full system failure, voluntary shutdown and reputational harm.
“CyberClear365 is our answer to the changing dynamics of the cyber threat and the evolving needs of our clients,” said Matthew Webb, Cyber Line Underwriter at Hiscox.
“As well as the comprehensive risk transfer element – underpinned by an unambiguous and transparent wording – and access to world-class third-party services to manage and mitigate an incident, CyberClear365 includes a wide range of additional value-added services for clients to draw on throughout the life of the policy.”
An incident cost sub-limit is also available to the insured without having to seek prior consent from Hiscox, while claims are managed by a dedicated team.
“CyberClear365 offers a significant step forward in cyber coverage for the large and global businesses that come to the London Market looking for an insurance solution to their ever changing and growing cyber exposure,” added Webb.