Tokio Marine Kiln launches enhances cyber insurance with $25m limit

Tokio Marine Kiln (TMK) has today launched an enhanced cyber insurance product, designed to protect policyholders from physical damages resulting from cyber attacks.

According to TMK, Cyber Ctrl PD+ aims to provide affirmative cover for property damage and business interruption following a cyber attack – the insurer said this is in response to the retrenchment of cyber cover in the property insurance market.

The modular product, which has limits of up to $25m available, includes all standard cyber insurance coverages, such as privacy liability and non-damage business interruption.

Gap in cover

Paul Gooch, cyber underwriter at TMK, said: “As most cyber insurance policies exclude cover for property damage, and with property insurance policies increasingly incorporating cyber exclusions, many policyholders could be left with a gap in cover.

“Cyber Ctrl PD+ is designed to fill that gap, but it is not merely a ‘wrap’ or ‘write-back’ product. Rather it is an evolution of our established Cyber Ctrl policy, providing clarity and certainty of cover in the event of a cyber physical damage incident.”