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The Latest Launches From AXIS and Willis Towers Watson

April 10, 2017

AXIS Capital Holdings launched a new flexible management liability insurance policy targeted to privately held companies. Willis Towers Watson came out with a product designed to address cyber exposure affecting the airline industry.

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AXIS Capital Holdings is now offering AXIS Privatus Platinum, a flexible management liability insurance policy designed for privately held companies.

The coverage includes an exclusive cyber and breach response coverage dubbed “PrivaSure,” plus the ability to select from up to five additional coverage areas: Management and Entity Liability, Fiduciary Liability, Employment Practices Liability, Workplace Violence and Crime. Private companies can nail down any or all coverage parts on a separate or shared-limits basis.

AXIS pitches the cover as bringing new flexibility and customization to management liability insurance. Right now, the new policy is admitted in 44 states.

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Willis Towers Watson has debuted CyFly, an insurance product designed to address cyber exposure affecting the airline industry. CyFly was developed with American International Group and is available globally.

CyFly includes the following coverages specific to the airline market:

Extension of business interruption referable to third parties. Airlines rely on a myriad of third party services to provide continuity of service. In off-the-shelf cyber insurance policies, such third parties’ networks aren’t brought within the scope of network business interruption.
Business interruption cover is often limited to IT service providers only. CyFly offers cover in respect of a broad range of technology and non-technology providers such as global distribution systems, baggage processing,aircraft maintenance, fuelling and catering and airport security.
Network business interruption cover at a pre-agreed minimum value per flight cancellation and claims preparation costs cover
Cover for aviation regulatory fines and compensation in relation to specific cyber incidents.