American International Group (AIG) has introduced an enhancement to its cyber insurance offering to include property damage and bodily injury exposures to manage physical risks from cyber attacks and security failures.
Targeted at commercial customers, CyberEdge PC seeks to tackle the rising incidents and threats of cyber attacks directed at commercial industries causing equipment failure, physical damage to property, and harm to people.
According to the insurer, the new policy provides wide coverage limits and terms typically not available in stand-alone cyber data breach policies.
By delivering cyber event protection on an excess and difference-in-conditions basis, CyberEdge PC improves a customer’s existing commercial lines insurance program, claims AIG.
Additionally, the policy addresses coverage gaps in property, casualty, energy, aerospace, marine, environmental, healthcare, and financial lines policies, where cyber-related exposures may be excluded or coverage too limited.
AIG professional liability global head Tracie Grella said, "Cyber risk goes well beyond data privacy concerns covered by stand-alone cyber insurance offerings prevalent in the market.
"The physical risk of a cyber attack or cyber event to property and people is very real, and it can now be specifically and unambiguously addressed with expanded cyber insurance coverage that dovetails with existing insurance."
In order to provide improved services, the insurer also offers access to AIG’s 24/7 hotline for support during a cyber event, risk mitigation tools and services, specific property and casualty cyber underwriting expertise, dedicated claims handlers, among other facilities.