Hiscox recently started selling a policy designed to give clients added crisis management services. Brit Ltd. unveiled a new Lloyd’s consortium for yachts.
Hiscox has started selling a Security Incident Response Policy designed to give clients crisis management services.
According to the specialist global insurer, the SIR policy indemnifies against a broad range of perils, including: criminal risks, political risks terrorism and political violence risks, information risks, and kidnap/detention/extortion risks. Also, it gives organizations incident response, crisis management, strategic advice and recovery services, by way of Hiscox’s exclusive partnership with global risk consultancy Control Risks.
The cover pays for 60 days of Control Risks’ response activities, and a part of the premium goes toward improving a client’s resilience against such threats, a Hiscox representative said.
London-based specialty insurer Brit Ltd. launched a new Lloyd’s consortium for yachts, known as the Lutine Yacht Consortium.
The consortium has a capacity of $250 million, offering 100 percent Lloyd’s security to insure motor and sailing vessels worth valued at more than $10 million. As well, the consortium offers global coverage through Lloyd’s brokers, and their agents and clients will be backed by a 24/7 claims service.
Brit Group CEO Matthew Wilson said in prepared remarks that marine is “a key” line for the insurer, and that the new offering helps build its market presence in important areas and innovate solutions for clients.
Sources: Hiscox, Brit Ltd.