Cyber for Cargo features broader coverage and higher limits than most of the other products on the market.
PRODUCT: Cyber for Cargo
COMPANIES: Falvey Cargo Underwriting; Falvey Insurance Group; Chaucer Group
BEST RATING: Not rated
AVAILABILITY: Available to appointed agents and brokers as a companion product to an existing or new Falvey Cargo marine and stock throughput policy.
FOCUS: Cyber risk exposure is an ongoing concern in all aspects of the global supply chain. However, cyber exclusions are broad and—following the adoption of the LMA 5403 Cyber Endorsement in 2019—apply to nearly all cargo insurance policies.
Falvey Cargo's Cyber for Cargo product provides coverage to protect against physical loss or damage to goods while in the ordinary course of transit or while in storage caused directly or indirectly by the operation of any computer, computer system, computer software program, malicious code, computer virus, computer process or any other electronic system that are otherwise excluded under the LMA 5403 Cyber Endorsement—a universal marine market exclusion.
“Every day we read about a new cyberattack. It's critical that our brokers on behalf of their clients find coverage for these threats within the end-to-end supply chain," says Graeme Schultz, vice president and national practice leader at Falvey Cargo Underwriting. “Something as simple as a misdirected shipment into the wrong hands could cause significant financial loss, and we now have a solution."
COVERAGE DETAILS: Cyber for Cargo features broader coverage and higher limits than most of the other products on the market. It is available as an add-on for all new and existing Falvey Cargo marine and stock throughput policies. Coverage highlights include limits up to $5 million, cost effective premiums with low minimums and the ability to purchase mid-term.
UNDERWRITING: Pricing and eligibility is determined by annual transit values or sales, limits required, deductible levels, type of commodity, conveyances and shipping regions.
TARGET: Any company that ships their owned goods domestically or internationally or has stock exposures.
COVERAGE AVAILABILITY: All U.S. states.
COVERAGE TERRITORY: Worldwide
CONTACT: Graeme Schultz, vice president and national broker practice leader, Falvey Cargo Underwriting; 70 Church St, 1st Floor, Flemington, NJ, 08822; 201-285-2398.
Will Jones is IA editor-in-chief.