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London-based specialist insurer Beazley PLC on Wednesday said it has developed a marine cyber insurance policy protecting vessel owners and operators from physical damage and loss of hire in the event a cyberattack hits a vessel’s operating system.
Limits of up to $50 million for physical damage and $5 million for loss of hire are available, a Beazley spokeswoman said in an email.
The coverage, called Beazley Cyber Defence for Marine, includes a range of risk management services designed to mitigate the cyber threat and to ensure vessel owners and operators are compliant with upcoming International Maritime Organization guidelines, Beazley said in a statement.
By Jan. 1, 2021, vessel owners and operators must incorporate measures to manage cyber risk into their existing risk management processes, the statement said.
Beazley’s coverage includes a self-assessment questionnaire, a cyber security workshop, and an on-board cyber survey as part of its risk management services, the statement said.
The coverage focuses on the operational technology of vessels and complements Beazley’s other marine products and existing cyber cover for information technology systems, the statement said.
It can be bought on a stand-alone basis or as part of a package, Beazley said.
Beazley PLC and Marsh LLC said Tuesday they are collaborating on cyber coverage and breach response to protect U.S. manufacturers against evolving cyber risks.