AXA XL adds first-party cyber option to Platinum Property coverage

AXA XL adds first-party cyber option to Platinum Property coverage | Insurance Business

AXA XL adds first-party cyber option to Platinum Property coverage

AXA XL, a division of AXA, has announced the launch of a first-party cyber insurance option for its Platinum Property clients in the US – businesses that buy 100% of their property coverage from AXA XL.

“Demand for cyber insurance is growing with good reason,” said Michele Sansone, president of AXA XL’s North America property insurance business. “Virtually every organization has some cyber exposure. Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first-party loss and a streamlined claims process.”

“A cyber event can put a business at a standstill for hours or days,” said John Coletti, AXA XL chief underwriting officer for cyber and technology in North America. “Traditional business interruption is caused by physical damage from a named peril like windstorm, fire or flood. Ingress/egress coverage and civil authority is addressed in standard commercial property coverage. With no physical damage per se, business interruption from a cyber event can be caught in a gray area. This coverage offers clarity.”

AXA XL’s first-party cyber endorsement provides coverage for:

  • Business interruption and extra expense
  • Data recovery
  • Cyber extortion and ransomware
  • Data-breach response and crisis management

Platinum Property clients who bolt on the first-party cyber coverage to their property insurance policy will also have access to:

  • Complimentary proactive cybersecurity services
  • AXA XL’s online resource, CyberRiskConnect.com, to learn more about cybersecurity readiness and response
  • 24/7 claims support through a hotline staffed by in-house claims managers
  • AXA XL’s cyber coverage is underwritten by Indian Harbor Insurance Company.