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Willis Towers Watson P.L.C. said Monday it had launched Willis Towers Watson Aerospace Cyber Guard, a cyber insurance product for the general aviation industry.
The brokerage, which introduced the product at the Helicopter Association International’s 2018 HAI Heli-Expo in Las Vegas, said in a statement that until now, a cyber-specific insurance product for the industry did not exist, “leaving many operators with potential coverage gaps in their insurance programs.”
London-based Willis Towers Watson said that, among other things, the product includes first-party cyber liability coverage for losses stemming from data breach response and forensic costs; business interruption losses after a data-security event targeting the insureds computer system or outside service provider’s system; hits to the insureds brand or reputation; reasonable dollar amounts surrendered to prevent ransomware extortion; and losses stemming from social engineering schemes, including fraudulent money transfers.
Willis Towers Watson Aerospace Cyber Guard was developed with Morristown, New Jersey-based Berkley Cyber Risk Solutions and is available to a range of North American-based general aviation companies, including charter operators, tour operators, flying clubs, flight schools, fixed-based operators, maintenance repair operators, small aviation-related manufacturing and fleet management companies.
The cyber insurance will be provided by one or more insurance company subsidiaries of W.R. Berkley Corp.
Willis Towers Watson P.L.C. has named Louise Pennington to the newly created role of large account leader for its corporate risk and broking segment, the company said Thursday.