Alliant unit introducing cyber cover for hedge funds

Crystal Financial Institutions, a unit of Newport Beach, California-based Alliant Insurance Services Inc., said Tuesday it is introducing cyber coverage tailored to hedge funds.

Crystal said in its statement that Cyber Risk 360° includes a cyber insurance policy that has an available coverage extension for fee income related to unplanned redemptions. This allows fund managers to recoup los management fee income attributed to a cyber risk event, the statement said.

Other elements of the suite of services in Cyber Risk 360° include a cyber preparedness evaluation, continuous 24/7 system monitoring to identify and address cyber threats, incident response and crisis management, and legal counsel.

Crystal worked with cyber security firm BlueVoyant and law firm Bohrer PLLC, both in New York, and Everest Insurance, a unit of the Hamilton, Bermuda-based Everest Re Group Ltd., in developing the product.