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Marsh L.L.C. on Wednesday said it has launched a global excess cyber risk facility underwritten by Lloyd's of London syndicates.
Marsh said the facility, known as Cyber ECHO, will offer up to $50 million in follow-form coverage for clients from any industry sector around the world.
Marsh said “the facility is designed to respond consistently to the terms and conditions outlined in the primary cyber policy. Such follow-form language helps to mitigate coverage ambiguities that can sometimes lead to costly disputes and/or delays in claims payments.”
The brokerage said that the facility includes a pre-priced option that allows buyers to reinstate policy limits if, during the period of the policy, they experience a cyber event that might exhaust their policy limits.
“While overall capacity in the cyber market remains abundant, the excess market is highly volatile,” Bob Parisi, Marsh's U.S. cyber product leader in New York, said in the statement.
“With Cyber ECHO, we are providing clients of all industry sectors with an efficient and more predictable excess coverage solution,” he added.
(Reuters) — New European legislation on data privacy is helping push up regional demand for cyber insurance, industry specialists say, after companies such as TalkTalk Telecom Group P.L.C. and Experian P.L.C. were affected by hackers earlier this year.