Beazley launches luxury yachts cyber policy

Specialist insurer Beazley has launched affirmative cyber insurance for luxury yachts that protects against physical damage, loss of access, and threatened and actual ransom of the vessel.

Digital technology onboard superyachts has continued to enhance safety, efficiency and communications, but brings with it increased risks and complexity. Cyber Defence for Superyachts therefore includes defined cyber event peril including malicious and non-malicious events, not including crew negligence; service limits for temporary replacement yacht, emergency accommodation, privacy crises response; post-bind risk assessment preparation services and post-event 24-hour response services including forensic investigation and restitution. Crew training is provided in partnership with Warsash Maritime School, part of Solent University.

Richard Young, marine underwriter and head of hull at Beazley, said: “Following guidelines introduced this year by the International Maritime Organisation, the onus is now greater on vessel owners and operators to demonstrate robust cyber risk management and to understand, assess, and manage risk to improve overall operational resilience in shipping.

“Reducing the cyber threat to superyachts is at the heart of our policy, which provides a triple defence mechanism of preventative mitigation services, traditional asset indemnity and immediate response services to incidents.”

Cyber Prism has been appointed to provide the vessel cyber risk mitigation and preparedness services that will assist in advancing security and giving assurance that owners and managers are aligning with IMO 2021 guidelines.

Aggregate policy limit is USD$25m.

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