Aon developed a new cyber risk policy, designed, in part, to address “Internet of Things” risks. Liberty Mutual has two new excess casualty coverage products.
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Aon Risk Solutions says it has developed a first-ever “property/casualty and Internet of Things” insurance policy designed to offer comprehensive and integrated enterprise-wide coverage against cyber risk.
Dubbed Aon Cyber Enterprise Solution, the product provides integrated cyber cover for property, products liability, supply chain risk, technology platforms and information/physical assets, as well as defenses against privacy and security liability. Aon said that representatives from risk, technology, actuarial modeling, incident response and security collaborated across the company to develop the product.
Additionally, Aon said that its new product can also address emerging areas of cyber risk and related regulation, including comprehensive limit approach (up to $400 million in capacity per policy), property damage coming out of a network security breach, products liability to address Internet of Things exposures, cyber terrorism coverage, and media liability and technology errors and omissions by endorsement.
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Liberty Mutual Insurance launched two new excess casualty coverage products.
One, the Utility Follow Form Excess, is for the power and utility sectors. It fits above lead excess casualty layers typically written by industry mutuals, and offers critical excess coverage tailored to the specific needs of this sector.
The other, Integrated Occurrence Form, is for the large corporate sector. It allows a policyholder to aggregate like claims into a single “integrated occurrence,” in order to boost flexibility in managing limits and coverage for the large liabilities often associated with long-tail claims.
Both will be sold from Liberty Surplus Insurance Corp. on a surplus lines basis.
Sources: Aon Risk Solutions, Liberty Mutual