Beazley has a new marine cyber insurance product targeted to vessel owners and operators. Embroker is packaging a line of digital insurance policies designed to fill gaps in high-growth tech companies’ coverage and mitigate their exposure to unique industry risks.
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Beazley developed a new marine cyber insurance product designed to meet the rapidly developing needs of vessel owners and operators.
Should a cyber incident impact a vessel’s operational capabilities, the Beazley Cyber Defence for Marine provides insurance for physical damage and loss of hire.
At the heart of the product are risk management services designed to reduce the likelihood of a cyber incident occurring and demonstrate compliance with forthcoming International Maritime Organization (IMO) guidelines. By Jan. 1, 2021, vessel owners and operators must have incorporated measures to manage cyber risk into their existing risk management processes, which have traditionally focused on the physical risks to safe shipping operations.
There are three elements to the risk management services included within Beazley’s product: a self-assessment questionnaire, a cybersecurity workshop and an on-board cyber survey.
The cover, which focuses on the operational technology of vessels, complements Beazley’s other marine products and existing cyber cover for information technology systems. It can be bought on its own or as part of a package.
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Embroker unveiled a line of digital insurance policies designed to fill gaps in high-growth tech companies’ coverage and mitigate their exposure to unique industry risks.
The new line, known as the company’s Startup Program, is built with what Embroker said is a new insurance model. Embroker claims it has eliminated multiple layers of unnecessary intermediation and complexity by replacing the role of underwriters with algorithms that intelligently price companies’ risk. All of this results in policies priced at approximately 20 percent less than a standard industry policy with disproportionately less protection. News of the program follows Embroker’s release of its third proprietary digital insurance policy: errors & omissions/cyber. Previous policies include employment practices liability insurance and directors & officers.
Embroker’s new E&O/cyber policy offers technology companies coverage that would traditionally require as many as 20 endorsements (alterations) added manually with the assistance of a broker. The coverage protects any technology company categorized as software as a service (SaaS), web development, payment process or as otherwise handling sensitive data against claims that allege damages arising from technology services they provide. Similarly, it protects online companies that store credit card information, Social Security numbers and other personal information online in the event of data breaches, software outages, cyber theft, phishing attempts and related conflicts.
All three of the digital policies in Embroker’s Startup Program are reinsured by Munich Re.
Sources: Beazley, Embroker