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The Lloyd’s of London trading floor has witnessed the launch of CyberClear365, a new London market cyber offering from Hiscox.
According to the specialist global insurer, CyberClear365 is built around three key principles – cover, claims, and additional cyber services. The coverage includes first-party incident costs while the business interruption component is tailored to the insured’s needs.
As for the support services and resources, these range from cybersecurity strategy workshops and training modules to regular cyber insights, claims trends analysis, and thought leadership. A risk management bursary is also available.
In addition, the policy provides assured mitigation coverage as well as a percentage excess discount if Hiscox is notified of a cyber incident within 48 hours.
“CyberClear365 is our answer to the changing dynamics of the cyber threat and the evolving needs of our clients,” said Matthew Webb, cyber line underwriter at Hiscox.
“As well as the comprehensive risk transfer element – underpinned by an unambiguous and transparent wording – and access to world-class third-party services to manage and mitigate an incident, CyberClear365 includes a wide range of additional value-added services for clients to draw on throughout the life of the policy.”
Hiscox believes the new product offers a significant step forward in cyber coverage for large and global businesses whose cyber exposure is growing.
