Cyber threat is still an emerging risk in the maritime space. But International Marine Underwriters recently made its Cyber Suite product available as an enhancement to its existing marine package policies.
PRODUCT: Cyber Suite
COMPANIES: OneBeacon Insurance Group LLC and International Marine Underwriters
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available to appointed agents and brokers. OneBeacon is open to appointing new brokers with sufficient maritime business.
FOCUS: In today’s world, every business relies on their data and the networked computer systems where this information resides to be kept safe. So, when a cyber incident occurs, it has the potential to be devastating to a business’ operations, as well as its employees and clients.
In response, International Marine Underwriters (IMU) adds the Cyber Suite product as an enhancement to its existing marina package policies, commercial marine packages, yacht club packages, and some hull and protection and indemnity policies.
“This is a comprehensive cyber insurance solution to help marine businesses respond to a full range of cyber incidents,” says Bob Gallagher, president, IMU. “Our product is unique in a market that is otherwise not addressing cyber.”
Cyber threat is still an emerging risk in the maritime space, and this new product “provides a solution to a need we have identified that our agents and brokers are looking for to help their clients,” Gallagher adds.
COVERAGE DETAILS: Cyber Suite provides both first- and third-party coverages. First-party coverages include the resources to respond to a data breach, cyberattack or extortion attempt, such as the notifying individuals that their personal information may have been breached, which is required by law in most states.
The suite’s third-party coverages include resources to provide defense and settlement costs in the event of a suit related to a breach of personal information; an allegation that a system security failure on the part of the insured causes damage to a third party; or a suit alleging that the insured infringed on a copyright or trademark, defamed a person or organization, or violated a person’s right to privacy.
Insureds also receive access to eRiskHub®, a risk management portal designed to help business owners prepare and respond effectively top data breach and cyberattacks, and My Tech Support, a service which offers free computer diagnostics by phone and competitive rates for virus removal, technical assistance and related digital security services.
UNDERWRITING: No separate application is necessary, but an application is required to request limits over $250,000. The coverage contains an aggregate limit, with limits ranging from $50,000 to $1 million. Sublimits for certain coverages may also apply.
MINIMUM PREMIUM: N/A.
TARGET: “Our target demographic is nationwide, for insureds operating marinas, yacht clubs and commercial marine ventures,” Gallagher says.
That may include marine contractors, shipyards, terminal operators, ship builders, boat builders and marine artisans, as well as select hull and protection and indemnity companies.
COVERAGE TERRITORY: All 50 U.S. states.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Bill Luce, director, hull and liability; International Marine Underwriters; 781-332-9498.
Will Jones is IA assistant editor.