WTW Partners With Falvey Cargo Underwriting for Affirmative Cargo Cyber Coverage
Insurance broker Willis Towers Watson is partnering with Falvey Cargo Underwriting on an affirmative cyber coverage product for cargo and stock throughput risks.
WTW said the new product recognizes that cyber risk exposure is an ongoing concern in all aspects of the global supply chain. Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies.
The standalone product aims to provide affirmative coverage for loss or damage to goods while in the ordinary course of transit and/or while in storage caused by the malicious use of a computer or computer system. The coverage “wraps” around the underlying cargo or stock throughput policy. It also features streamlined underwriting and quoting process and agreed program rating for $1,000,000 in limit, limits up to $5,000,000.
“As cyberattacks continue unabated, it is prudent for insureds to find affirmative coverage for cyber threats within the global supply chain,” said Chris Gambini, WTW Cargo Practice. “With the help of Falvey Insurance Group, we’re now able to provide a solution that so many customers were looking for.”
Falvey Cargo Underwriting underwrites marine cargo coverage in three cargo industry segments: general cargo, life sciences and technology. Falvey Cargo has offices in Rhode Island, California, Colorado, New York, North Carolina, Washington, Canada and London.
Boost Insurance Offers Crypto Wallet Insurance Product for Retail Investors
Digital insurance sales platform Boost Insurance along with Breach Insurance, which provides insurance technology and regulated insurance products for the cryptocurrency market, announced the launch of Crypto Shield, an insurance product for retail wallet holders.
The two insurtechs say Crypto Shield is the first product to allow individuals to purchase theft coverage for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.
While there is some commercial insurance available to cryptocurrency institutions, Boston-based Breach said it sees Crypto Shield as a solution to a protection gap that currently exists for individuals holding cryptocurrency.
Crypto Shield is currently available in 10 states and provides individuals with up to $1 million of coverage.
Boost’s insurance infrastructure-as-a-service packages the operational, technological, compliance and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to quickly launch new lines of business.
“Early stage insurtechs have foundational operational gaps, and it’s been exciting to find relationships that complement one another as well as our partnerships with Boost and Relm,” said Eyhab Aejaz, co-founder and CEO at Breach. “Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
Boost’s team worked with Breach to develop the product to meet all regulatory and compliance standards in all applicable jurisdictions. Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.
Relm Insurance Ltd., fronted by Trisura Specialty Insurance Co., is providing the reinsurance.
Distinguished Programs Launches New Express Umbrella Coverage
National insurance program manager Distinguished Programs has relaunched its Express Umbrella program which includes Express Real Estate Umbrella and Express Community Associations Umbrella products.
The Express Program is designed for real estate clients who are looking for additional coverage, but don’t necessarily need high limits, according to Chris Larson, product manager for the program. The program offers limits up to $5 million and caters to community associations, homeowner associations, condominium associations and small commercial buildings.
Initially, the coverage will be non-admitted as the program is built out and the necessary state filings are obtained. Key coverages in the program will include Director & Officers Follow Form, Pay On Behalf, Defense Outside Limits, and Zero Retention.
The community associations program is designed to address the excess liability coverage demands for community associations and, along with other product offerings including package, crime, and D&O, brokers can submit business for all their community association clients’ insurance needs in one place, noted Barbara Bartson, managing vice president of Community Associations program.
Topics Cyber Trucking Willis Towers Watson
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