Independent insurance broker Lockton has launched its Silent Cyber Property Solution, a standalone policy that covers businesses against property damage and ensuing time element losses resulting from cyber-attacks or cyber terrorism.
The broad form policy blends the standard wording found in both property and cyber policy forms.
It can be purchased through an exclusive program designed by Lockton together with one of London’s leading cyber and property consortium.
Insurance buyers will be able to purchase program limits of up to $150 million per occurrence and in the annual aggregate with the potential for additional market capacity, as necessary.
The physical damage and ensuing time element coverage gap within the property market can be very costly for businesses to recover in the event of a cyber-attack or cyber terrorism.
Lockton states that this new solution builds on its strengths in the cyber and property insurance markets, stemming from knowledge of our clients across a wide range of industries and multiple international jurisdictions.
Greg DiPrato, Senior Vice President, Lockton Global Property Practice, commented, “We’re very proud to be bringing a unique broad form resulting physical damage and ensuing time element cyber protection product for businesses to the market.
“There is a growing list of businesses who have suffered from increasingly sophisticated cyber-attacks, and now, Lockton provides a distinctive property solution which can better protect insurance buyers from both physical damage and ensuing business interruption losses as a result of a cyber-attack or cyber terrorism.
“While many insurance buyers assume their physical property and ensuing time element exposures are covered by their existing property insurance policies against cyber-attacks or cyber terrorism, this is very often not the case due to the increasing application of cyber exclusions within All Risk Policies.”