Willis Towers Watson (WTW) has teamed up with Falvey Cargo Underwriting, a Falvey Insurance Group company, to roll out an affirmative cyber cover to address cargo and stock risks.
Said to be the first standalone cargo cyber offering in the insurance segment, the new product will offer affirmative coverage for loss or damage to goods during transit.
Go deeper with GlobalData
It will also offer coverage for loss or damage to goods due to malicious computer use during the storage period.
Among the product’s other features include streamlined underwriting and quoting, ‘coverage “wraps” around the underlying cargo or stock throughput policy’, and limits of up to $5m.
“Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies following widespread adoption of the LMA 5403 Cyber Endorsement in November of 2019,” stated WTW.
Falvey vice president and national broker practice leader Graeme Schultz said: “As a well-established MGA for more than 25 years, we pride ourselves on finding insurance solutions for our brokers and clients.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Our broad network of carrier partners has once again stepped up to help us bring the first significant solution for this excluded coverage to market.”
WTW’s other cyber offerings
Off late, WTW has made several initiatives to address cyber risks.
Last year in March, the firm launched a cyber insurance cover for power and utilities companies, dubbed CyNat.
The product includes crisis management costs cover and business interruption cover.
In January 2021, WTW introduced cyber risk assessment services, namely Workforce Cyber Culture Assessment (WCCA) and Ransomware Risk Assessment (RRA) services.
In 2018, the firm unveiled a cyber insurance plan for airports.
