XL Catlin and RedSeal have a new resilience measure designed to gauge risk and improve cybersecurity and insurance terms. Validus Specialty Underwriting Services Inc. and a new partner are offering new hull, liability and ancillary covers to serve U.S. vessel transportation risks. Tokio Marine Kiln (TMK) debuted Cyber Ctrl, a new insurance and services policy to protect clients against the impact of cyber attacks.
XL Catlin and RedSeal are rolling out a new resilience measure designed to gauge risk and improve cybersecurity and insurance terms.
XL Catlin says this will be more accurate, dynamic and helpful compared to other cyber insurance risk analyses, which typically rely on surveys and a general understanding of the network at the time of the initial underwriting.
RedSeal’s patented network modeling and risk scoring platform creates a network model from the inside out, including physical assets, as well as those in public and private cloud environments. With this insight, RedSeal calculates the Digital Resilience Score, a holistic measure of the network’s resilience, similar to a credit worthiness score. The score evaluates the client’s network to determine such information as how accessible its valuable assets are to attackers and the degree to which the network, including all of its devices and their connections, are understood.
More resilient networks deliver higher scores, which means they are potentially lower risks. Once an XL Catlin client installs RedSeal and gets their initial Digital Resilience Score, and again during a mid-term evaluation, XL Catlin will determine if the client’s resilience warrants improved terms.
Validus Specialty Underwriting Services Inc. said that its Marine & Upstream Energy insurance team has partnered with Eagle Ocean America, a full-service insurance facility operated by Eagle Ocean Agencies, to offer new hull, liability and ancillary covers to serve U.S. vessel transportation risks.
The cover is available to fleets operating in the U.S. inland and coastal waters. Plans call for it to provide P&I (liability) and hull and machinery cover principally to operators of tugs and barges, work boats, crew boats, supply vessels, public entity vessels, research ships and other small craft, and those involved in marine contracting. The admitted coverage with Validus is available in 48 states via the Stratford Insurance Company.
Eagle Ocean America will provide fixed-cost P&I (liability) insurance up to $2 million and hull and machinery cover up to $10 million per risk. Cover is available on a variety of standard industry forms for both hull and liability. Eagle Ocean America can also arrange the coverage of excess marine liabilities, as well as comprehensive primary marine general liability, maritime employers’ liability (MEL) and other related insurances underwritten by Validus Specialty.
Tokio Marine Kiln (TMK), the London-based specialist and corporate insurance business, debuted Cyber Ctrl, a new insurance and services policy to protect clients against the impact of cyber attacks.
Through Cyber Ctrl, policyholders are provided with an intelligence-based critical alert service revealing their cyber vulnerabilities. The service detects, analyzes and reports on any cyber attack planning that is discovered and identifies where key employees may be susceptible to social engineering or blackmail.
Clients receive a monthly summary of the cyber activity that could affect their business and an alert notice for any critical issues that are detected. The service is offered in partnership with ex-government intelligence experts XCyber.
The new Cyber Ctrl offering covers a number of key perils that are frequently excluded from many cyber policies, such as:
- Reputational harm cover, including PR costs and loss of customers, following adverse media events as a result of a cyber incident.
- Administrative errors as a standard trigger.
- Outsourced IT providers as standard.
- Broad business interruption cover.
- Limits up to $25 million or €25 million.
Sources: XL Catlin, Validus Specialty Underwriting Services Inc., Tokio Marine Kiln