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Axa XL, a division of Axa SA, on Wednesday said it has created a first-party cyber insurance option to help U.S. businesses cover business interruption exposures resulting from a cyberattack.
The endorsement is available to businesses that buy 100% of their property coverage from Axa XL, the company said in a statement.
Businesses that add the cyber option to their property policy will be covered for losses arising from business interruption and extra expense due to a cyber breach, data recovery, cyber extortion and ransomware, data breach response and crisis management, the statement said.
Limits up to $15 million are available under the cyber option, a spokeswoman said.
“Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first party loss and a streamlined claims process,” Michele Sansone, president of Axa XL’s North America Property insurance business, said in the statement.
Traditional business interruption is caused by physical damage from a named peril like a windstorm, fire or flood, said John Coletti, Axa XL’s chief underwriting officer for cyber and technology in North America. “With no physical damage per se, business interruption from a cyber event can be caught in a gray area. This coverage offers clarity,” Mr. Coletti said in the statement.
Businesses that choose to add the first-party cyber option to their property policy will also have access to a range of cybersecurity services, Axa XL said in the statement.
Cyber incidents now trigger the same level of corporate concern as business interruption events, which had ranked as the top global peril for seven years, in the annual Allianz Risk Barometer 2019, released Tuesday.