WTW and Falvey develop affirmative cargo cyber cover

WTW has announced the availability of an affirmative cyber coverage product for cargo and stock throughput risks. The result of a collaboration with Falvey Cargo Underwriting, the solution is thought to be the first standalone cargo cyber solution of its kind.

The product provides affirmative coverage for loss or damage to goods while in the ordinary course of transit and/or while in storage caused by the malicious use of a computer or computer system. Coverage wraps around the underlying cargo or stock throughput policy, with limits up to US$5,000,000.

“As cyber attacks continue unabated, it is prudent for insureds to find affirmative coverage for cyber threats within the global supply chain,” said Chris Gambini of WTW’s cargo practice. “With the help of Falvey Insurance Group, we’re now able to provide a solution that so many customers were looking for.”

Cyber risk exposure is an ongoing concern in all aspects of the global supply chain. Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies following widespread adoption of the LMA 5403 Cyber Endorsement in November of 2019.

“Falvey is proud to be partnering with WTW on this product. As a well-established MGA for more than 25 years, we pride ourselves on finding insurance solutions for our brokers and clients. Our broad network of carrier partners has once again stepped up to help us bring the first significant solution for this excluded coverage to market,” added Graeme Schultz, vice-president and national broker practice leader of Falvey.

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