Brit PLC, a specialty insurer and reinsurer, has developed an insurance service that it said was intended to protect companies operating critical infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage, and theft.
Brit said its product gives companies insurance cover for first party property damage, business interruption, the cost of restoring digital assets, and reimbursement for resultant business income losses. In addition, it provides comprehensive cyber security risk assessment, on-going loss mitigation, and inspection services.
The product has been designed specifically to provide insurance protection for large industrial companies, encompassing all aspects of the oil and gas sector (including exploration and production, refining, transportation, storage, and other associated downstream marketing activities), the utilities sectors, and other heavy industries, the company said.
In creating this product, Brit has partnered with Coalfire, an independent cyber security and corporate governance auditor, to provide third party cyber security risk assessment.
Brit also reported that it is leading a number of Lloyd's syndicates to offer first loss limits of up to $250 million of first party cyber coverage.
Learn more: http://www.britinsurance.com/; www.coalfirelabs.com.