To help businesses in the US address business interruption resulting from a cyber attack, AXA XL, a division of AXA, has designed a first-party cyber insurance option for its Platinum Property clients -- businesses that buy 100% of their property coverage from AXA XL.
Image: AXA XL adds cyber insurance option to Platinum Property coverage. Photo: Courtesy of Darwin Laganzon/Pixabay.
According to Michele Sansone, president of AXA XL’s North America Property insurance business, “Demand for cyber insurance is growing with good reason. Virtually every organization has some cyber exposure. Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first party loss and a streamlined claims process.”
John Coletti, AXA XL’s Chief Underwriting Officer for Cyber & Technology in North America added: “A cyber event can put a business at a standstill for hours or days. Traditional business interruption is caused by physical damage from a named peril like windstorm, fire or flood. Ingress/egress coverage and civil authority is addressed in standard commercial property coverage. With no physical damage per se, business interruption from a cyber event can be caught in a gray area. This coverage offers clarity.”
AXA XL’s first-party cyber endorsement provides protection for:
- Business Interruption and Extra Expense
- Coverage for loss of business income suffered as a result of a cyber security breach.
- Extra Expense coverage consists of additional costs that are incurred, including payroll, to reduce or avoid a further loss of income.
- Data Recovery
- Coverage for costs associated with restoration of electronic data, computer programs and software because of a cyber security breach.
- Cyber Extortion and Ransomware
- Coverage for costs associated with managing a cyber extortion threat against the Insured.
- Data Breach Response and Crisis Management
- Coverage for costs associated with managing a data breach by breach response providers from AXA XL’s comprehensive list of vendors.
- Coverage includes legal costs, computer forensics costs, notification costs, credit and identity monitoring and more.
Platinum Property clients who bolt on AXA XL’s first party cyber option to their property insurance policy also have access to:
- Complimentary proactive cybersecurity services provided by AXA XL’s breach response providers.
- AXA XL’s online resource, CyberRiskConnect.com to learn more about cybersecurity readiness and incident response services.
- 24/7 claims support via a hotline, staffed by in-house claims managers if clients have any reason to believe they have suffered a cyber incident.
AXA XL is a market leader in cyber insurance. AXA XL’s standalone cyber insurance policy provides coverage for third-party claims and first-party mitigation costs following a technology or cyber event. Cyber coverage is underwritten by Indian Harbor Insurance Company.
Source: Company Press Release