CFC has added property damage coverage to its $30 million large line size cyber insurance product. The expansion addresses growing cyber risks affecting physical assets in industries like manufacturing and energy.
New Coverage Addresses Cyber-Related Property Damage
CFC’s updated cyber policy now includes physical property damage caused by cyber events. The addition fills a coverage gap as property insurers increasingly exclude cyber-related claims. Large corporations, which often require high physical damage limits, can now obtain this protection under their cyber policy.
Market Demand for Expanded Cyber Risk Insurance Coverage
Andrew Prendergast, Corporate Cyber Practice Leader at CFC, highlighted the increasing reliance on computers to run physical operations. “Property insurers are excluding cyber events, creating a coverage gap for clients that we are addressing,” he said. “The cyber market must offer meaningful capacity to remain relevant.”
Key Features of CFC’s Cyber Insurance Property Damage Coverage Cybe
- Standard $30 million non-physical cyber line with optional property damage coverage
- Threat intelligence-driven proactive cyber attack prevention
- No deductible on initial incident response costs
- Full retroactive cover with a discovery-based trigger
- Broad business interruption coverage, including supply chain partners
- Pre- and post-loss reinstatement options
- In-house incident response and claims team with extensive experience
The cyber risk expansion expansion aims to offer large enterprises more comprehensive protection against evolving cyber threats affecting both digital and physical assets.
Other News: “Physical” Cyber Attacks to Vex Insured and Insurers (Opens in a new browser tab).
