Willis Towers Watson is debuting cover designed to address cyber exposures affecting airports around the globe. The Travelers Companies will pair with two other outfits to explore the potential safety benefits of wearable devices.
Willis Towers Watson is launching CyFly for Airports, an insurance product designed to cover cyber exposures affecting airports around the globe.
CyFly is offered to airports globally, with the exception of the United States, although WTW said it hopes to develop a similar product for the U.S. in due course, explained a company representative.
CyFly for Airports provides coverages including:
- Business interruption from outages sustained by third parties upon whose networks airports rely, such as air navigation service providers, hangar operators and maintenance operators.
- Regulatory costs and fines under cyber security legislation — such as the EU Network & Information Systems Directive (NISD) — rather than just data protection legislation
- Broad system failure business interruption extending to any unplanned outages, rather than those arising only from hacks or negligence.
- Voluntary system shut-downs to mitigate business interruption exposures.
The Travelers Companies, along with contractor company Gilbane, and Triax Technologies, a provider of Internet of Things (IoT) construction technology, will explore the potential safety benefits of wearable devices.
According to the companies’ new partnership deal, Travelers will review data collected from a variety of Triax’s Spot-r IoT devices, including those being used at a 60,000-square-foot, six-floor Gilbane construction site in New York City over 20 months.
More than 130 employees will use the Spot-r Clip, an unobtrusive device worn on the worker’s waist belt. The Spot-r Clip was designed to improve response times to possible injuries by automatically detecting worker falls and providing supervisors with real-time notification of worker location and other safety incident details. The IoT device also includes a feature that allows workers to easily report hazards or incidents.
On-site machinery will be fitted with the Spot-r EquipTag, which monitors equipment location and usage. Additionally, the site will have Spot-r EvacTags, which allow managers to trigger high-decibel, highly visible emergency alarms to workers via a dashboard.
Sources: Willis Towers Watson, Travelers