Howden, the global insurance group has launched a “blended insurance product” that brings together Professional Indemnity, Crime and Cyber Liability into one policy and under one limit.
According to the firm, the product brings a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies.
The product has been developed with a panel of leading specialist insurers, including the Lloyd’s market in response to a rise in sophisticated cyber claims, such as ransomware and phishing.
Cyber events can activate multiple insurance products, including Professional Indemnity, Crime and Cyber Liability, which wind up causing major delays in accessing the support and funds needed at the crucial time, this particularly common when dealing with multiple insurers.
Therefore, by combining the coverages into a fully blended product with a single set of policies and one limit, Howden’s new product will play a pivotal role in improving claims responsiveness and simplifies communication with the insurer.
“This product was developed to provide seamless and efficient solutions to address financial services clients’ increasingly complex cyber requirements in the midst of rising cyber events. This product will help clients navigate this difficult environment, and I look forward to working with them to maximise efficiencies and improve their insurance protection,” commented Ed Brennan, Managing Director for Financial Institutions and D&O (FIDO), Financial Lines, Howden.
“The launch of this blended product reflects Howden’s broader strategy to harness its collective specialty expertise across the group for the benefit of clients, developing advanced products that provide joined up protection, ensuring that our solutions remain relevant to clients now and in the future,” said Sarah Hughes, CEO, Howden Specialty.
