AmWINS announces exclusive cyber umbrella program to combat silent cyber incidents
AmWINS, a global distributor of specialty insurance products and services, has launched an exclusive Cyber Umbrella Program, known as CyberUP. This umbrella policy is designed to fill gaps in coverage resulting from silent cyber incidents.
Silent cyber incidents occur when coverage for a cyber-related loss is either inadvertently provided by insurance policies not specifically designed to cover cyber risk or the exposure is specifically excluded by the primary cyber policy or other policies.
“Until now, the insurance marketplace has only responded to the issue of silent cyber by publishing whitepapers, evaluating carrier books across lines, or adding exclusions and sublimits. CyberUP is the market’s first modern Cyber Umbrella policy designed to affirmatively protect insureds against silent cyber incidents.” – David Lewison, senior vice president and Professional Lines Practice Leader of AmWINS.
In partnership with an “A XIII” rated carrier, CyberUP is focused on middle-market accounts and offers lead umbrella position over primary coverages in all instances. The product is available nationally on non-admitted paper.
“The frequency and severity of cyber breaches continue to increase , and while cyber insurance policies are widely available, breaches have begun to bleed into many other lines of insurance. CyberUP is a true umbrella form that provides coverage without overlapping other policies. The product’s drop-down capabilities are triggered only by a cyber-related event.” – Lewison.