WTW, Falvey partner on cyber coverage for cargo

WTW, Falvey partner on cyber coverage for cargo | Insurance Business America

WTW, Falvey partner on cyber coverage for cargo

WTW has announced the launch of an affirmative cyber coverage product for cargo and stock throughput risks. The coverage is the result of a collaboration with Falvey Cargo Underwriting, a Falvey Insurance Group company, and will be the first standalone cargo cyber product in the insurance marketplace.

Cyber risk exposure is a continuing concern in all aspects of the global supply chain, WTW said. Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies following the widespread adoption of the LMA 5403 Cyber Endorsement in November 2019.

As a result, the WTW cyber product was developed with the following key features:

  • Provides 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
  • Coverage wraps around the underlying cargo or stock throughput policy
  • Streamlined underwriting and quoting process
  • Agreed program rating for $1 million in limit. Limits up to $5 million may be available for select insureds, subject to underwriting review

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“As cyber attacks 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 is proud to be partnering with WTW on this product,” said Graeme Schultz, vice president and national broker practice leader at Falvey. “AS a well-established MGA for more than 25 years, we pride ourselves on finding insurance solutions for our brokers and clients. Our broad network of carrier partners has once again stepped up to help us bring the first significant solution for this excluded coverage to market.”