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Markel reveals launch of new cyber policy

Markel reveals launch of new cyber policy | Insurance Business

Markel reveals launch of new cyber policy

The cyber insurance market is becoming increasingly competitive – but now one specialist insurer believes it has formed a truly comprehensive solution that stands out from the crowd.

Markel International has today launched Markel Cyber 360 on a stand-alone and add-on basis for businesses in the UK, Europe, Canada, Asia and beyond. It aims to provide “all round protection” with limits up to £10 million per risk.

So, what makes the policy stand out?

According to Markel one of its key features it that it offers support from a panel of “geographically diverse expert advisers” – so insureds can get assessments of their vulnerabilities to cyber related incidents and recommendations on how to address them. It also comes with a comprehensive line-up of breach response, forensic investigation, credit monitoring, incident management, and more – all supported with a 24/7 helpline.

“We are pleased and proud to launch this product, which provides valuable protection to businesses of all sizes. Markel Cyber 360 is available through a variety of distribution channels,” said Scott Bailey, managing director of cyber in London. “This type of coverage is needed more than ever today.”

Third party cover is included for cyber, privacy, e-media, and, where needed, professional and technology services. First party cover, meanwhile, incorporates privacy breach and mitigation costs; business interruption costs, including those from critical providers, system failures or preventative shutdowns; systems and data rectification costs including bricking coverage; extortion costs; and regulatory investigations and fines.