FM Global launches Cyber Optimal Recovery
Written by staff reporter
FM Global has launched Cyber Optimal Recovery, an endorsement to its all-risk FM Global Advantage policy designed to maximise recovery from a cyber-related loss. Designed for clients that have, or intend to purchase a stand-alone cyber policy, the new Cyber Optimal Recovery endorsement gives the insured the option to choose whether the FM Global Advantage policy is primary, contributing or is in excess to a cyber policy.
“Cyber risk is becoming increasingly sophisticated and complex and leading many organisations to purchase separate cyber policies that often cover both third-party liability and first-party property. This creates a scenario where it may be unclear how these policies would interact in the event of a cyber loss,” said FM Global executive vice-president Bret Ahnell. “This endorsement was developed in direct response to feedback from our mutual policyholders to ensure they receive the best cyber claims recovery possible with contract certainty.”