AXIS Capital Holdings has announced the launch of a new insurance policy that offers custom-built cyber and specialist liability coverage for companies with up to US$2 billion in revenue.
The new AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy aims to help businesses avoid potential gaps in coverage by allowing policyholders to combine multiple coverages in one policy. ACTM is available through brokers on both an admitted and non-admitted basis.
The following coverages can be included in an ACTM policy:
- Cyber: includes incident response, network interruption, and other first-party liability coverages related to cyber and data risks
- Technology errors and omissions: includes liability coverage for technology, telecommunications, and internet-based products and services
- Miscellaneous professional liability: includes liability coverage for a spectrum of professional services
“As cyber and liability risks evolve and grow in an increasingly digitised business world, the insurance we provide must continue to develop to meet the changing needs of our customers through innovative products and great customer service,” said Dan Trueman, head of global cyber and technology at AXIS. “In ACTM we can provide comprehensive insurance coverage that helps to reduce potential losses and worry arising from unintended gaps in coverage among small to mid-sized businesses, and protects them from a multitude of cyber and liability-related exposures. The introduction of ACTM aligns with our broader efforts to grow profitably with our customers and advance our leadership position in key specialty channels.”