Travelers’ European unit is now marketing beefed-up cyber insurance coverage for UK and Ireland-based tech clients. Starr Companies is touting a new crisis coverage endorsement. Neon launched what it said is the first ILS vehicle in the UK. The International Drone Racing Association (IDRA) has condensed its liability insurance for drone pilots into a single policy with no drone limit.
Travelers Europe started marketing a beefed-up combined cyber insurance package for technology sector clients in the UK and Ireland.
The enhanced offering offers improved protection against unique cyber risks facing IT, communications and electronics manufacturing, and assembly companies, Travelers said. Public and products liability, property damage and business interruption, employers’ liability, professional indemnity, cyber media liability and network security insurance are included with the offering.
Other elements included in the combined package: network security (cyber cover), data breach response service and a cyber breach coach, where customers get an initial consultation for each cyber event where an expert helps mitigate potential losses.
Starr Companies is now offering a new crisis coverage enhancement on a Side ‘A’ Endorsement. Specifically, the enhancement is for its Side ‘A’ Directors & Officers Excess and Lead-in-Difference-in Conditions policy providing crisis loss coverage for insured persons.
Brian Inselberg, senior vice president, financial lines, noted that the added endorsement comes during an “unprecedented litigation and regulatory environment.” With this reality, he said that conditions can “cause a material effect on an individual’s reputation,” and so the enhancement is well timed.
Neon launched the first ILS vehicle in the UK, NCM Re (UK PCC) Ltd., and raised third-party capital to support the UK’s first ILS transaction.
NCM Re is the first UK-domiciled protected cell company, which uses recently approved ILS regulations. Neon noted that the ILS vehicle will further enhance its global reinsurance offering to clients.
Neon’s first ILS transaction, which launched on Jan. 1, 2018, is a $72 million collateralized quota share reinsurance transaction that will underwrite a portion of Neon Syndicate 2468’s property treaty reinsurance and direct and facultative portfolios.
The International Drone Racing Association (IDRA) has condensed its liability insurance for drone pilots into a single policy that has no drone limit, no deductibles and offers worldwide coverage for IDRA members.
Drone pilots can now purchase the $1 million policy for $265 and will receive their certificate of insurance within 24 hours. The policy is valid for one year, covering all potential liabilities from recreational flying, racing and training, if the drone pilot adheres to IDRA’s Safety Manual and complies with the legal regulations in the area the pilot is operating.
IDRA launched its first primary liability insurance policy with worldwide coverage for drone pilots and recreational hobbyists one year ago for IDRA members, whom predominantly live and operate internationally. According to IDRA, its members experienced zero claims throughout the year of 2017.
Bonnie Haggerty, CFO of IDRA, said the association negotiated with several underwriters and its partner, Avion Insurance, to simplify the liability policy for drone pilots around the world.
The International Drone Racing Association is a for-profit association focused on the new industry of drone racing, including organizing historic drone racing competitions.
Sources: Travelers, Starr Companies, Neon, IDRA