Specialist insurer Beazley will team with Marsh to provide tailored cyber insurance cover and breach response to protect U.S. manufacturers against evolving cyber risks. Berkshire Hathaway’s GUARD Insurance Companies is adding a Commercial Package product that will include coverages for property, general liability, umbrella and employment practices liability insurance (EPLI).
Specialist insurer Beazley and Marsh will provide tailored cyber insurance cover and breach response to protect U.S. manufacturers against evolving cyber risks.
The companies have jointly created Manufacturer’s First Response (dubbed “a Marsh and Beazley Breach Response BBR initiative”), a product that offers coverages tailored specifically to address cyber and operational risks faced by manufacturers. They include:
- Supply chain interruption from cyber attacks against the insured or its suppliers.
- Invoice manipulation resulting in payments being misdirected or fraudulently directed.
- Technology disruption affecting operational and industrial controls, hardware and/or software.
- E-crime losses from payment or delivery of money or securities as a result of fraud.
The coverage is available through Marsh to U.S. manufacturers of all sizes. Manufacturers will also benefit from risk management services provided by BBR Services and available by way of beazleybreachsolutions.com. BBR Services helps clients respond to an actual or suspected cyber breach effectively and in compliance with the law.
Berkshire Hathaway’s GUARD Insurance Companies is adding a Commercial Package product that will include coverages for property, general liability, umbrella and employment-related practices liability insurance (EPLI).
The product is expected to launch in April in Pennsylvania, with other states to follow.
According to the company, this new package product has been designed to complement its current Businessowner’s Policy by targeting insurance needs faced by larger, more complex operations or businesses with many exposures.
Initial target markets include light to medium manufacturing, wholesalers and distributors, truck stops/travel plazas, resorts, and country clubs, with plans to expand into new markets.
Berkshire Hathaway GUARD Insurance Companies Commercial Package will include: commercial property coverage with built-in equipment breakdown, inland marine and crime coverage; general liability with base limits of $1 million to $6 million, with even higher limits considered; employment-related practices liability insurance; and commercial umbrella for added protection.
Sources: Beazley/Marsh and Berkshire Hathaway’s GUARD Insurance Companies