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Experts say that while the possible aggregation risks associated with a systemswide disruption is disturbing, so are the aggregation risks associated with other lines, including property.
Property aggregation has “been a minor issue to date. In many cases, the cyber coverage grant hasn’t been significantly tested,” said Brad Gow, Purchase, New York-based cyber product leader for Sompo International Holdings Ltd.
Coverage for supply chain risks within property policies “depends upon how the property policy is written,” said Max Perkins, Atlanta-based senior vice president for global cyber and technology, global professional and financial risks with Lockton Cos. LLC. “It’s just a mixed bag.”
He said insurers “are definitely looking across policies” and determining if they are offering affirmative coverage, or putting exclusions on these risks.
Bob Wice, Farmington, Connecticut-based head of the U.S. cyber underwriting team for Beazley PLC, said, “It’s an important distinction in the market right now to see how the property market plays out in terms of providing coverage for these types of risks.
“We’re in the midst of heated discussions right now as to whether the property market is going to go in that direction or scale back.”
Eric Cernak, Windsor, Connecticut-based president of cyber at Hanover Insurance Group Inc., said, “It’s very important to understand where cyber as a peril could impact other coverage lines” and what an insurer “is picking up in an affirmative realm as well as a nonaffirmative realm.”
Underwriting cyber-related contingent business interruption coverage is a challenge, sources say.