American International Group (AIG) has introduced a standalone cyber insurance policy for property and liability exposures.
The new CyberEdge Plus policy integrates AIG’s cyber insurance and risk mitigation offerings to provide coverage for property damage, bodily injury, business interruption, and product liability.
AIG cliams that CyberEdge Plus is the first primary coverage written by any carrier in a standalone policy specifically to address the cyber exposures.
The company is the first carrier to provide cyber event protection for property damage and bodily injury on an excess and difference-in-condition basis via its CyberEdge PC policy, which was introduced in 2014.
Since the late 1990s, AIG has been offering stand-alone cybersecurity insurance coverage to enable customers manage risks and cover costs associated with data breaches.
The coverage, which can be applied from forensic investigations, credit monitoring, and reputation management to business interruption, is in compliance with state breach notification laws.
AIG cyber risk insurance global head Tracie Grellas said: “Cyber is a peril. It can no longer be considered a risk covered by a traditional network security insurance product.
“Companies in all industries need access to coverage for property and liability exposures that come with cyber connectivity, and they need that coverage to start at the primary level.”
In May, the company introduced new Crowdfunding Fidelity product to protect investors on equity crowdfunding platforms against issuer fraud.
AIG offers property casualty insurance, life insurance, mortgage insurance and retirement products, as well as other financial services in around 100 countries and jurisdictions.
Image: AIG headquarters on 175 Water Street New York City. Photo: courtesy of AIG.