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Member, Beacon International Group, Ltd.
Specialty insurer and reinsurer Brit P.LC. is leading several Lloyd’s of London syndicates to offer up to $250 million of first-party cyber coverage to protect companies’ critical operating infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage and theft.
The product has been designed specifically to provide insurance protection for large industrial companies, encompassing all aspects of the oil and gas sector including exploration and production, refining, transportation, storage and other downstream marketing activities, as well as the utilities sectors and other heavy industries, London-based Brit said Monday in a statement.
The product gives companies insurance coverage for first-party property damage, business interruption, the cost of restoring digital assets and reimbursement for resultant business income losses. It also provides comprehensive security risk assessment, ongoing loss mitigation and inspection series, the insurer said in its statement.
Brit said it has partnered with Louisville, Colorado-based Coalfire Systems Inc., an independent cyber security and corporate governance auditor, to provide third-party cyber security risk assessment, in the creation of this product.
Cyber and marijuana risks have become the focus of new insurance products in the excess and surplus lines market.