Ascent Underwriting has added physical damage cover to its CyberPro product, bridging the gap between cyber and property policies. With additional capacity provided by Munich Re, CyberPro now covers physical and property damage plus debris removal following an insured event.
To date physical damage cyber has almost exclusively been available only on a stand-alone basis for very large corporations, this product, which protects against cyber-triggered physical damage due to a range of causes -- from malicious hacks to internal errors -- is designed for businesses of all sizes.
Ascent’s Caspar Stops says this enhancement is timely. "We are seeing a shift in the market where coverage for cyber as a peril must be affirmatively given or not given within all insurance policies, not just cyber...At the same time organisations are increasingly embedding technologies for business improvements and efficiencies, which has led to the creation of cyber physical systems throughout organisational infrastructures and the emerging risk this presents.
“CyberPro caters for a wide variety of network exposures, offering robust protection to insureds in areas of risk which the market has been slow to respond to. It’s not a bolt-on cover, but bridges traditional physical-damage wordings with cyber cover in a highly effective, seamless integration of the two.”
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