Lloyd’s now offers an insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks. Sompo International Holdings Ltd. said one of its U.S. units partnered with a law firm to offer risk control capabilities in English and Japanese to some of its Japan-headquartered insureds. Beazley said its flagship cyber product, Beazley Breach Response (BBR), will now be available to brokers of small and medium-sized business through its signature platform.
Lloyd’s now offers an insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks.
The first of its kind liability policy, with flexible limits from as little as £1,000 (US$1,281), was created by Lloyd’s syndicate Atrium in conjunction with Coincover to protect against losses arising from the theft of cryptocurrency held in online hot wallets.
It is a new type of liability insurance policy with a dynamic limit that increases or decreases in line with the price changes of crypto assets, which means the insured will always be indemnified for the underlying value of the asset even if this fluctuates over the policy period, explained Lloyd’s in a statement.
The policy is backed by a panel of other Lloyd’s insurers, which includes TMK and Markel, all of whom are members of Lloyd’s Product Innovation Facility (PIF).
This is the second new insurance product to be backed by PIF members in recent months. The first – a profit protection policy for hotels with an innovative event-based trigger – was launched in September.
Sompo International Holdings Ltd. said its U.S. Commercial Management Liability unit has partnered with Fisher Phillips LLP, a U.S. labor and employment law firm, to offer risk control capabilities in English and Japanese to its Japan-headquartered employment practices liability (EPL) insureds.
The Sompo International unit offers primary and excess EPL coverage to clients, including Japanese companies with operations in the United States. Through the Fisher Phillips partnerships, the Bermuda-based specialty provider of property and casualty insurance and reinsurance is providing Japan-headquartered insureds a suite of employment liability risk control services available in English or Japanese.
In addition to complimentary education and training on current U.S. employment law issues, the partnership lets Sompo International’s EPL insureds connect directly with Fisher Phillips attorneys via a dedicated telephone hotline. Sompo International’s EPL clients may also access a full range of additional advisory and compliance-related services from Fisher Phillips at reduced rates.
Beazley said its flagship cyber product, Beazley Breach Response (BBR), will now be available to brokers of small and medium-sized business through its myBeazley platform in the U.S.
By doing so, brokers will be able to obtain a bindable BBR quote in less than two minutes.
The platform has been designed to meet the needs of brokers bringing small and medium-sized business accounts with revenues of less than $100 million to Beazley. Once quoted, brokers can access accounts, update information and bind policies with just a few clicks.
At each stage in the placement process, myBeazley is designed to make the broker’s task simpler, including paring to the minimum the questions in the online form required to obtain a quote. The form has 13 fields, but six of these will normally be prefilled automatically. The system will also clear and reserve the risk for the broker.
In addition, the platform takes the answers keyed in by the broker about the client and generates a prefilled application that the client can sign and date.
Beazley Breach Response was first launched in 2009.
Sources: Lloyd’s, Sompo International, Beazley