Willis Towers Watson launches aviation cyber insurance coveragePosted On: Feb. 26, 2018 11:58 AM CST
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.