AXA XL has launched a new option to help businesses in the US counter disruption caused due to cyber-attacks.
The company has added first party cyber insurance option to its Platinum Property coverage.
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The option, however, is available to businesses that purchase 100% of their property coverage from Axa XL.
The new option will provide coverage for losses arising from business interruption and extra expense due to a cyber-breach, data recovery, cyber extortion and ransomware, data breach response and crisis management, the company said in a press statement.
Coverage will also legal costs, computer forensics costs, notification costs, credit and identity monitoring, among others.
AXA XL president for North America property insurance business Michele Sansone said: “Demand for cyber insurance is growing with good reason. Virtually every organisation has some cyber exposure.
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By GlobalData“Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first party loss and a streamlined claims process.”
AXA XL chief underwriting officer for cyber & technology in North America John Coletti said: “Traditional business interruption is caused by physical damage from a named peril like windstorm, fire or flood.
“Ingress/egress coverage and civil authority is addressed in standard commercial property coverage. With no physical damage per se, business interruption from a cyber event can be caught in a gray area. This coverage offers clarity.”
