Lockton launches ‘silent cyber’ coverage
Reprints
Lockton Cos. LLC on Monday introduced a standalone policy for “silent cyber property” risks, offering limits of up to $150 million per occurrence and in the annual aggregate.
The policy provides coverage against property damage and ensuing time element losses that result from cyberattacks or terrorism, the brokerage said in a statement.
The policy is offered through an exclusive program with a London-based cyber and property consortium, Lockton said. The brokerage did not respond to a request for more information on the consortium.
Lockton said, if needed, additional market capacity is available.
The policy also provides coverage for extra expense, loss of rent, prevention of access, protection and preservation of property, debris removal, fire services charges, expediting expense, an extended period of indemnity, interdependency and spoilage, with the additional capability of adding contingent time element and/or service interruption to the policy form, Lockton said.
