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Beazley PLC said Tuesday it is offering expanded coverage under its MediaTech insurance policy.
New coverages under the policy, which offers limits of up to $25 million, include business interruption loss, dependent business interruption loss, cyber extortion loss, data recovery costs, e-crime including fraudulent construction and telephone fraud, and criminal rewards, according to a spokeswoman.
Criminal rewards refers to rewards offered for the arrest and conviction of individuals who commit illegal acts related to coverage under the policy, according to the spokeswoman.
The insurer said in its statement its coverage “has been streamlined to provide clear and concise wording and seamless protection, combining comprehensive errors and omissions (E&O) and media liability insurance with cyber coverage.”
Beazley said earlier this month 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.
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.