Talbot Underwriting launched three enhanced Lloyd’s terror facilities. Assurant found a partner through which it is offering liability and property insurance coverage for vacation homeowners. Marsh is now selling cyber risk and data breach cover for non-U.S. clients.
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Validus Holdings’ Talbot Underwriting said it has launched three enhanced Lloyd’s led terror facilities in the Singapore, Latin American and Dubai markets.
The facilities are designed to offer a full range of political violence perils, including war coverage.
Talbot is leading the facilities, with capacity provided by Sompo Canopius for the Singapore facility and by Sompo Canopius, Navigators and Neon for the Latin American and Dubai facilities. According to Talbot, the facilities will write terror risk of up to $150 million on any one risk in Singapore, and $175 million on any one risk on both Latin America and Dubai.
Separately, Talbot recently announced the successful launch of the only Lloyd’s led consortium for nuclear, biological, chemical and radiological terrorism.
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Assurant, the insurer for mobile phones and homes, partnered with Vacasa, a U.S. vacation rental management company, to provide liability and property insurance coverage for Vacasa’s homeowners.
Assurant’s short-term accommodations protection program will be available to the more than 4,600 U.S. homeowners in the Vacasa network. It offers up to $1 million in liability coverage and up to $10,000 in contents coverage. Cost of the use-based coverage is built into the rental transaction, to provide as-needed protection with each rental.
Vacasa founder and CEO Eric Breon said the Assurant partnership bridges an important gap because many home insurance policies do not cover rental use.
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Marsh said it rolled out cyber risk and data breach cover for non-U.S. clients.
Dubbed CyberShield, the product is an exclusive cyber risk and data breach insurance policy for mid- to large-sized organizations. It is available globally to Marsh clients outside of the U.S., and CyberShield can provide up to $624 million in cover for risks associated with cyber incidents and data breaches.
CyberShield provides clients access to 24/7, 365 days a year crisis response services, while allowing them a greater degree of flexibility by choosing only the coverage they require.
CyberShield includes cover for liability to third parties, dpefense costs and regulatory fines relating to data breaches; breaches of confidentially agreements; network hijacking and virus transmissions; business interruption losses stemming from network interruption security failures; system failures or operational errors; payment of extortion demands and payment card industry data security standards fines and assessments.
Sources: Talbot Underwriting, Assurant, Marsh