The insurer says the cover aims to bridge the gap between typical property damage and cyber insurance policies
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.”
Subscribers read more