Marsh has launched “Cyber ECHO”, a global excess cyber risk facility it pitches as offering more reliable insurance coverage for organizations around the world.
The product is designed to bring greater stability to the excess market by providing up to $50 million in “follow form” coverage for clients in “any industry sector and risk profile around the world,” Marsh said.
Underwritten by leading Lloyd’s of London syndicates, the facility is designed to respond consistently to the terms and conditions outlined in the primary cyber policy, Marsh said.
Cyber ECHO also includes a pre-priced option that allows insureds to reinstate their policy limits if they experience a cyber event during the policy period, which could exhaust their limits, the broker said.
“While overall capacity in the cyber market remains abundant, the excess market is highly volatile,” Bob Parisi, Marsh’s US Cyber Product leader, said in prepared remarks. “With Cyber ECHO, we are providing clients of all industry sectors with an efficient and more predictable excess coverage solution.”
Leslie Kurshan, head of Product Development for the Financial and Professional (FINPRO) Practice at Marsh UK, added in prepared remarks: “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.”
She claims that Cyber ECHO helps to mitigate these issues, and will help facilitate quick recovery from a loss.