Corvus Insurance debuted a new “smart” policy designed to provide broad cyber coverage as well as predict and prevent cyber insurance risks through ongoing IT security scanning and scoring. XL Catlin expanded its casualty insurance offering in the U.K. to also include a cyber endorsement.
Corvus Insurance, an InsurTech startup focused on the commercial insurance market, released a new “smart” policy designed to provide broad cyber coverage to organizations with up to $1 billion in annual revenue.
Dubbed Smart Cyber Insurance, it will have all the features of a conventional cyber insurance policy and also help brokers and policyholders to predict and prevent cyber risks and claims through ongoing IT security scanning and scoring.
Smart Cyber Insurance provides dynamic loss prevention with both transparent underwriting and ongoing assessments of an organization’s cyber risk exposures. Corvus creates a risk score for each account, analyzing numerous IT security domains in order to both underwrite risk and to provide added value throughout the policy year.
The Smart Cyber policy form contains broad first- and third-party insuring agreements and includes enhanced coverage for contingent business interruption, system failure, social engineering attacks, ransomware, reputational loss and multimedia liability.
XL Catlin expanded its casualty insurance offering in the U.K. to also include a cyber endorsement.
The added cyber cover is designed for midsize and large companies that don’t require a standalone cyber product. It is offered as an extension to general liability policies.
The extension is available to a wide range of industry sectors and has a limit of $6.7 million. It covers the risks associated with data management, data safety, the impact of a network breach and the various costs that may derive from a cyber incident, using a combination of third-party liability and first-party losses coverages.
This extension complements XL Catlin’s existing standalone Cyber & Data Protection policy, managed by its International Financial Lines team.
Source: Corvus Insurance, XL Catlin