Beazley, a specialist insurer based in the UK, has launched cyber insurance for luxury yachts, dubbed Cyber Defence for Superyachts.
The new offering, according to Beazley, provides cover against physical damage, loss of access and threat and actual ransom of the vessel.
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It also offers risk prevention and response services in an event of a cyber-attack. The post-event response services include forensic investigation & restitution.
The cover has been designed by Beazley’s underwriting, claims, risk and breach response specialists and the aggregate limit for the policy is $25m.
Additionally, the cover includes training of crew in partnership with Warsash Maritime School, a part of Solent University.
The insurer will leverage its partnership with Cyber Prism for vessel cyber risk mitigation and preparedness services.
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By GlobalDataBeazley head of hull and marine underwriter Richard Young said: “Following guidelines introduced this year by the International Maritime Organization (IMO), the onus is now greater on vessel owners and operators to demonstrate robust cyber risk management and to understand, assess, and manage risk to improve overall operational resilience in shipping.
“Reducing the cyber threat to superyachts is at the heart of our policy, which provides a triple defence mechanism of preventative mitigation services, traditional asset indemnity and immediate response services to incidents.”
In July, Beazley launched a nutraceutical-focused insurance solution in Canada.
