The new AXIS policy offers custom-built cyber and specialist liability coverage for companies with up to $2 billion in revenue.
PRODUCT: AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM).
BEST RATING: A
AVAILABILITY: Appointed agents and brokers only.
FOCUS: AXIS Capital Holdings has announced the launch of a new insurance policy that offers custom-built cyber and specialist liability coverage for companies with up to $2 billion in revenue.
The new AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy aims to help businesses avoid potential gaps in coverage by allowing policyholders to combine multiple coverages in one policy. ACTM is available through brokers on both an admitted and non-admitted basis.
“As cyber and liability risks evolve and grow in an increasingly digitized business world, the insurance we provide must continue to develop to meet the changing needs of our customers through innovative products and great customer service," says Dan Trueman, head of global cyber and technology at AXIS.
“In ACTM we can provide comprehensive insurance coverage that helps to reduce potential losses and worry arising from unintended gaps in coverage among small to mid-sized businesses, and protects them from a multitude of cyber and liability-related exposures," he says. “The introduction of ACTM aligns with our broader efforts to grow profitably with our customers and advance our leadership position in key specialty channels."
COVERAGE DETAILS: ACTM brings comprehensive coverages into one policy that can be tailored to the unique exposures and needs of a business.
Available cyber coverages and services include incident response, business interruption, data recovery, extortion, reputational harm, crime and regulatory actions. Professional liability coverages include customizable technology errors & omissions, unintentional breach of contract, copyright infringement and personal injury.
UNDERWRITING: Applicants must meet a set of minimum cybersecurity standards, including multifactor authentication, endpoint protection, backups of critical data, recovery time objectives less than 10 days, and patching cadences. Appetite, rates and terms depend on industry class and revenue size.
TARGET: Small to large businesses across a range of sectors. Targeted classes include entertainment, financial institutions, hospitality, restaurants and retailers.
COVERAGE TERRITORY: Worldwide. Subject to market-standard exclusions related to sanction entities, war and nation-state actors.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Eric Seyfried, head of U.S. open market, cyber & technology, AXIS, and Jeremy Israelite, small business underwriting leader, cyber & technology, AXIS; 609-375-9228.
Will Jones is IA editor-in-chief.