Insurance broking and risk management firm Marsh has introduced new global excess cyber risk product Cyber Echo, which offers enhanced insurance coverage for organizations across the globe.
The new policy offers up to $50m in follow form coverage for clients of any industry sector and risk profile around the world.
Lloyd’s of London syndicates underwrite the new policy, which is designed to respond consistently to the terms and conditions defined in the primary cyber policy.
The policy is also comprised of pre-priced option, which enables insureds to reinstate policy limits.
Marsh’s US cyber product leader Bob Parisi said: "While overall capacity in the cyber market remains abundant, the excess market is highly volatile.
"With Cyber ECHO, we are providing clients of all industry sectors with an efficient and more predictable excess coverage solution."
Marsh UK financial and professional (FINPRO) practice product development head Leslie Kurshan said: "Inconsistent wordings and varying terms and conditions between primary and excess insurance policies can contribute to significant delays in claims being paid and may even result in the failure to recover costs from insurers."
With around 27,000 employees, Marsh provides services in around 130 countries.
Image: Marsh has launched new global excess cyber risk product for organizations around the world. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.