Published 10 July 2018
Travelers Europe has launched a new standalone cyber insurance product in the UK and Ireland to address cyber liability of organizations of all sizes.
The new cyber insurance product, dubbed Travelers CyberRisk, offers liability and first-party cover for losses resulting from cyber attacks.
Travelers CyberRisk also gives policy holders access to assistance that can help reduce their exposures to cyber events.
The type of assistance from it includes breach coaches, public relations support, forensic investigators and credit monitoring services.
The Travelers CyberRisk product, which can be bought individually or as part of the Travelers Management Liability Package, comes with limits up to £10m across liability, cyber crime, breach response and business loss covers.
Travelers said that as it has offered cyber-related insurance coverage with risk management services for more than three decades, it understands the significance of assisting organizations work through an incident. This includes their recovery following a breach to handling expenses resulting from a cyber attack.
Travelers Europe cyber head Davis Kessler said: “With cyber threats continuing to evolve, businesses without dedicated cover could find themselves insufficiently protected in the event of a breach.
“Our global team has created a package designed to help companies navigate their cyber event response so they can return to normal as quickly as possible.”
Travelers said that apart from CyberRisk, it can also offer cover for professional indemnity, employment practices liability, directors and officers, pension trustees liability, property, casualty and crime.
The company had been operating in Europe for several years in the general insurance market and also through Lloyd’s. While Travelers Insurance provides business insurance, bond and specialty insurance and risk management services, Travelers Syndicate 5000 at Lloyd’s underwrites specialist and complex business classes.
In last December, Travelers Europe said that it had applied to the Central Bank of Ireland to create a new European subsidiary to be incorporated in Ireland. The new European subsidiary to be headquartered in Dublin is expected to help in the operations of the company in the continent after UK’s exit from the European Union.
Image: Travelers Tower in Hartford, Connecticut, US. Photo: courtesy of John Phelan/Wikipedia.org.