Ascent Underwriting, the specialist niche-product managing general agent, today announces the addition of physical damage cover to its flagship CyberPro product – part of its professional and non-tangible risks portfolio.
With additional capacity provided by Munich Re, CyberPro now covers physical and property damage plus debris removal following an insured event. It bridges the gap between cyber and property policies that has created issues for insureds as the market looks to address ‘silent cyber’ exposures by restricting cyber coverage under property policies.
It is designed for businesses of all sizes; to date physical damage cyber has almost exclusively been available only on a stand-alone basis for very large corporations. Insureds are protected against cyber-triggered physical damage due to a range of causes, from malicious hacks to internal errors.
The development follows the appointment of Caspar Stops in October 2018 to spearhead the development of Ascent’s cyber portfolio.
Stops said: “This enhancement of CyberPro is an exciting development and very timely. We are seeing a shift in the market where coverage for cyber as a peril must be affirmatively given or not given within all insurance policies, not just cyber ones. At the same time organisations are increasingly embedding technologies for business improvements and efficiencies, which has led to the creation of cyber physical systems throughout organisational infrastructures and the emerging risk this presents.
“CyberPro caters for a wide variety of network exposures, offering robust protection to insureds in areas of risk which the market has been slow to respond to. It’s not a bolt-on cover, but bridges traditional physical-damage wordings with cyber cover in a highly effective, seamless integration of the two.”
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About Ascent Underwriting
Ascent is a specialist Managing General Agent underwriting on behalf of a number of Lloyd’s Syndicates. It provides innovative insurance solutions face-to-face, and via a proprietary electronic underwriting platform. Ascent’s market leading cyber solutions coverage provides comprehensive coverage for an array of network risks including: social engineering, crime, media liability, business interruption and physical damage.