Re/insurance broker WTW has announced a new affirmative cyber coverage product for cargo and stock throughput risks, which is the result of a collaboration with Falvey Cargo Underwriting, a Falvey Insurance Group company.
According to WTW, the product will be the first standalone cargo cyber solution available in the insurance marketplace.
Among its key features, the solution provides affirmative coverage for loss or damage to goods while in the ordinary course of transit and/or while in storage caused by the malicious use of a computer or computer system.
The coverage is also designed to ‘wrap around’ the underlying cargo or stock throughput policy, and provides an agreed program rating for $1,000,000 in limit, although limits up to $5,000,000 may be available for select Insured’s subject to underwriting review
“As cyberattacks continue unabated, it is prudent for insureds to find affirmative coverage for cyber threats within the global supply chain,” said Chris Gambini, WTW Cargo Practice.
“With the help of Falvey Insurance Group, we’re now able to provide a solution that so many customers were looking for,” he added.
Graeme Schultz, vice president and national broker practice leader of Falvey, also commented: “Falvey is proud to be partnering with WTW on this product. As a well-established MGA for more than 25 years, we pride ourselves on finding insurance solutions for our brokers and clients.”
“Our broad network of carrier partners has once again stepped up to help us bring the first significant solution for this excluded coverage to market.”
