Overview
A more connected, digital maritime industry brings with it countless opportunities, but it also opens doors for those whose intentions are less legitimate. It’s no longer just a case of navigating the seas - but the cyber threat landscape too.
We’re here to help marine customers do just that, with the AXIS Cyber Marine Insurance policy. A policy with specific coverage, risk management and cyber incident response services for marine risks.
Key Coverages
Breach Response Costs
- Appointing a lawyer as a breach coach to handle, respond, and project manage the breach
- Costs and expenses in appointing a public relations consultant to aid the insured in mitigating the reputational damage
- Forensic costs and expenses incurred to review or investigate the source, scope, and extent or cause of a breach and to terminate it
- Costs to provide credit monitoring and/or identity theft assistance
Business Interruption
- Covers loss of income and extra expenses because of interruption to the insured’s or a service provider’s network
- Interim payment of undisputed loss
- To cater for different clients, there are various indemnity options for business interruption such as: loss of gross profit, loss of gross earnings and net income loss
- 180-day Period of Restoration
Buyback
- A buyback to the Hull & Machinery (H&M) or Loss of Hire (LOH) policies where a cyber exclusion has been used
- The buyback can be purchased independently
- The buyback has the benefit of mirroring the cover in the H&M and LOH policies, ensuring a consistent approach
Extortion
- Coverage for ransom demand
- Expenses to unencrypt the data and/or programs
- Coverage for costs to investigate and respond to a ransom demand
Liability & Regulatory Actions
- Broad categories of protected personal information and corporate information
- Coverage for civil and regulatory liability due to failure to protect personal or corporate information, including cargo information
- Covers potential collection, access, use, destruction and disclosure violations
Maritime Cyber Response
- Pre-Approved Providers from the Maritime Cyber Response Panel that can deal with cyber incidents
- Incur costs before consent for first 72 hours
- Cyber incident coaching
- Crisis communication and public relations
Maritime IT System Restoration Costs
- Covers accidental damage of hardware which includes all physical components of a computer system
- Covers costs to restore, update repair, recreate or replace data and programs
Network – Vessels & Onshore
- Typical cyber insurance cover plus a widened definition of “network,” covering events occurring on the vessel as well as onshore on the corporate network
Application
AXIS Cyber Marine Faqs
You can request a range of limits to suit the budget.
This will depend on a huge range of factors, so it is usual to get a range of options and see which suits best. Your broker should also be able to help.
Yes, we can offer buybacks to CL380 or LMA 5403.
Hull & Machinery, Increased Value and Loss of Hire.
We will mirror the underlying terms and conditions within the policy, so the deductibles will be the same as well as the coverage. If the underlying policy declines cover citing the cyber exclusion, we will take over as we are providing cover for this exclusion.
Yes, that is one part of the policy coverage available.
If you have purchased the buyback to your Loss of Hire policy, it will work in the same way using the same daily deductibles. If you have purchased the general business interruption cover, we will cover costs whilst the systems are restored (including systems onboard), usually after a 12-hour waiting period.
We can provide cover for management companies too.
This can be found in the policy documentation.
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