UK-based insurer Ecclesiastical has enhanced its Art and Private Client policy by adding cyber insurance in order to meet the needs of high net worth clients.
Image: Ecclesiastical adds cyber coverage for Art and Private Client policy. Photo: Courtesy of Ecclesiastical Insurance Office plc.
Ecclesiastical stated that the policy offers comprehensive and flexible cover. As a standard, the policy now includes cyber cover with home systems damage. Additionally, clients can include cyber-crime and cyber online liability covers.
The new policy will replace the existing policy and will be effective from 1 April 2019.
The company has also added family protection cover including automatic cover for fatality at home. The family protection cover also includes property altercation costs, assault, psychiatric services, medical expenses and sponsorship losses.
The Art and Private Client team of Ecclesiastical is based in London and Manchester and includes art historians, technical underwriters, heritage experts and claims specialists. The team is headed by Fabrice Watson.
Ecclesiastical Art and Private Client development director Sarah Willoughby said: “As our dedicated Art and Private Client team continues to expand we’re delighted to announce the launch of our enhanced Art and Private Client policy. We’re committed to meeting the evolving needs of our high net worth clients which is why we’ve made a number of enhancements to our policy including cyber and family protection.”
Last month, the company’s research has found one in 10 heritage organizations have experienced a cyber attack. Despite the number, less than a third have cyber insurance in place, offering a growth opportunity for brokers.
The study has stated that cyber criminals have used email hacking scams on art galleries and have stolen significant sums of money. The scammers also monitor outgoing messages from art gallery email accounts, then intercepted invoices and changed them.
The research has also found that majority of heritage organizations seem to be aware of the impact of a cyber attack. 68% named loss of data, 63% named cost of putting things right and 61% named loss of website, as the impact following an attack.
But, over a quarter of such organization’s are not fully prepared to deal with such attacks. About 57% said that they do not have enough in-house knowledge and 21% said that they do not know where to go for advice or guidance and 21% lack cyber insurance.