Falvey Cargo launches new cyber coverage with Chaucer | #itsecurity | #infosec

Falvey Cargo Underwriting has announced its brand new coverage protection – Cyber for Cargo.

This new coverage will also see the company partnering with the leading speciality re/insurance company, Chaucer Group, to help bring this exclusive protection to Falvey clients.

The company says that it recognises that cyber risk exposure is an ongoing concern within all aspects of the global supply chain. Cyber exclusions are broad in scope and apply to nearly all cargo insurance policies following the adoption of the LMA 5403 Endorsement in 2019.

The valuable coverage will protect against physical loss or damage to goods while in the ordinary course of transit and/or while in storage caused directly or indirectly by the operation of any computer system, software program, computer virus, malicious code, computer process or any other electronic system; that are otherwise excluded under the LMA 5403 Cyber Endorsement.

In addition, the coverage will be available as an add-on for all new and existing Falvey Cargo marine and stock throughput policies.

K2 International

It will also contain the following key features: limits of up to $5,000,000, cost effective premiums with low minimums, and ability to purchase mid-term.

Addressing the companies new coverage protection, Vice President and National Practice Leader at Falvey Cargo Underwriting, Graeme Schultz said: “Every day we read about a new cyberattack! It’s critical that our brokers on behalf of their clients find coverage for these threats within the end-to-end supply chain. Something as simple as a misdirected shipment into the wrong hands could cause significant financial loss, and we now have a solution.”

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