Overview web link

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 Marine Cyber Insurance policy. A policy with specific coverage, risk management and cyber incident response services for marine risks.

 

 

Key Coverages web link

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

Buyback

  • A buyback to the Hull & Machinery (H&M) or Loss of Hire (LOH) policies where a cyber exclusion has been used
  • The buyback has the benefit of mirroring the cover in the H&M and LOH policies, ensuring a consistent approach 
  • The buyback can be purchased independently

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

Liability & Regulatory Actions

  • Coverage for civil and regulatory liability due to failure to protect personal or corporate information, including cargo information 
  • Broad categories of protected personal information and corporate information
  • Covers potential collection, access, use, destruction and disclosure violations

Business Interruption

  • Covers loss of income and extra expenses because of interruption to the insured’s or a service provider’s network
  • 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
  • Interim payment of undisputed loss
  • 180-day Period of Restoration

Extortion

  • Coverage for ransom demand
  • Coverage for costs to investigate and respond to a ransom demand
  • Expenses to unencrypt the data and/or programs

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

Coverage is underwritten by one or more subsidiaries of AXIS Capital Holdings Limited, whose financial strength and ratings are available at https://www.axiscapital.com/who-we-are/financial-strength-ratings. Coverage may not be available in all jurisdictions and may be available only through appropriately licensed producers.

In the United Kingdom, risks are underwritten by AXIS Managing Agency Ltd (“AMAL”) on behalf of Syndicate 1686 or by AXIS Specialty Europe SE (London Branch) (“ASE London Branch”). AMAL is registered in England (Company Number: 08702952) with a registered office at 52 Lime Street, London, EC3M 7AF. AMAL is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Firm Reference Number: 754962). AMAL manages Syndicate 1686 and is additionally subject to the supervision of the Society of Lloyd's. The Syndicate also benefits from the strength of the Lloyd's brand, its network of global licenses and the Lloyd's Chain of Security. ASE London Branch is an overseas branch of AXIS Specialty Europe SE (“ASE”). ASE is registered in Ireland (Registration Number: 353402 SE) at Sixth Floor, 20 Kildare Street, Dublin 2, Ireland. ASE is authorised and regulated by the Central Bank of Ireland. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of ASE’s regulation by the Prudential Regulation Authority are available from us on request.

In the European Economic Area, risks are underwritten by AXIS Specialty Europe SE (“ASE”) or by Lloyd’s Insurance Company S.A. (“Lloyd’s Europe”). ASE is registered in Ireland (Registration Number: 353402 SE) at Sixth Floor, 20 Kildare Street, Dublin 2, Ireland. ASE is authorised and regulated by the Central Bank of Ireland. Lloyd’s Europe is a subsidiary of Lloyd’s and is authorised by the National Bank of Belgium (NBB).