AXIS Insurance, the specialty insurance arm of AXIS Capital, has partnered with UK-based law firm Kennedys Law to launch a new marine cyber insurance product.
Dubbed AXIS Marine Cyber Insurance, this new product will offer coverage for the marine shipping market against cyber exposures related to board vessels and onshore in shipping company offices.
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By GlobalDataAXIS Insurance global head of cyber and technology Dan Trueman said: “The marine shipping insurance market dates back to the very origins of the insurance industry, and it’s under threat from one of the newest perils: cyber risk.
“Through AXIS and Kennedys, policyholders will have access to an extensive network of experts to address the modern needs of shipping as cyber threats take centre stage.”
The company said that policies will offers customers a single dedicated point of contact to report a cyber incident and process insurance claims.
Furthermore, customers will get access to a network of marine, legal and technical experts across all geographies to help them in recovery.
Affected clients can also avail a wide array of assistance from system restoration, counsel and liaison with cyber experts.
The newly launched product will also offer online cyber security awareness training for all maritime workers, which will be available both onshore and offshore.
Kennedys partner Jonathan Evans said: “We are delighted that AXIS has chosen Kennedys to provide marine cyber incident response services, legal advice and ancillary services.
“AXIS policyholders anywhere in the world at any time can access a dedicated helpline to navigate their way through a cyber incident, whether that be on land or at sea, which is often a very daunting and challenging experience that requires immediate specialist advice and guidance from our global panel of experts.”
UK-based Global Cyber and Technology team will manage and underwrite AXIS Marine Cyber Insurance.
AXIS Insurance is launching product shortly for all new and renewing AXIS Cyber Marine Insurance policies.
In 2018, the company partnered with DUAL North America to offer environmental risk product for contractors, consultants and engineers in the US.
