Willis Towers Watson, working with a division of W.R. Berkley Corp., unveiled customized cyber insurance coverage for the general aviation business. The Travelers Companies Inc. rolled out a beefed up homeowners insurance product.
Willis Towers Watson is now offering customized cyber insurance coverage for the general aviation business.
The new product is called Willis Towers Watson Aerospace Cyber Guard, and it was introduced at the Helicopter Association International’s 2018 HAI Heli-Expo on Feb. 26 in Las Vegas.
Willis Towers Watson said it developed the new coverage with W.R. Berkley Corp.’s Berkley Cyber Risk Solutions. It is available to North American-based general aviation companies including charter operators, tour operators, flying clubs, flight schools, fixed-based operators, maintenance repair operators, small aviation-related manufacturing and fleet management companies. One or more Berkley subsidiaries will provide the cover.
Key features of the coverage address areas including losses from data breach response and forensic costs, hits to the insureds’ brand or reputation, losses from social engineering schemes, and reasonable dollar amounts surrendered to prevent ransomware extortion.
The Travelers Companies Inc. debuted a beefed up homeowners insurance product. Dubbed Quantum Home 2.0, the policy features tailored pricing and flexible coverage options. Travelers said the cover also includes simpler policy documents designed to help customers better understand their insurance.
The new product, also known as QH2.0, is available through an updated platform that allows agents to quote and bind coverage, according to Travelers.
Michael Klein, executive vice president, president of Personal Insurance and head of Enterprise Business Intelligence & Analytics at Travelers, said the carrier partnered with its agents to develop QH2.0. He added the new product is completely redesigned and gives agents greater customization, fewer steps to complete a quote and simplified customer communications.
Sources: Willis Towers Watson, The Travelers Companies