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Munich Re Specialty Insurance has launched tailored cyber and technology errors and omissions coverages with limits of up to $10 million, designed to protect U.S.-based organizations with domestic and/or global exposure.
Munich Re Specialty, the primary insurance unit of Munich Reinsurance Co., said in a statement Thursday that standalone cyber, standalone technology-cyber and excess coverage will be available.
Coverage is offered on a nonadmitted basis both for primary or excess protection and is underwritten on behalf of the Munich Re syndicate at Lloyd’s of London.
Coverage includes blanket vicarious liability and contractual liability coverage in the tech policy. There are also no exclusions for planned outages that enable a policyholder to voluntarily shut down its system due to a cyberattack.
Policyholders will have access to a network of risk management service providers and a 24/7 data breach hotline.