A partnership comprising Chaucer and Lloyd’s Syndicate 1176 has developed a cyber insurance policy specifically designed for nuclear power plants (NPPs).
This policy, named CyNuC, aims to address the unique risks associated with malicious cyber activities targeting the operating systems of NPPs.
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Current nuclear insurance policies often exclude cyber incidents, covering only physical damage caused by non-malicious cyber events.
CyNuC aims to fill this gap by covering malicious cyber acts and offering compensation for potential losses. It was developed in collaboration with the UK Nuclear Pool, led by Nuclear Risk Insurers (NRI).
With a maximum aggregate limit of $25m, the policy will be limited to operating systems but will also cover business interruption resulting from physical damage or malware introduced during the policy period.
The coverage includes physical damage repair, data breach response, access to sector-specific cyber specialists, and indemnity for business shutdowns due to cyberattacks. It also addresses security failures, reputation management, and digital asset restoration.
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By GlobalDataChaucer’s in-house cyber claims team will manage real-time incident responses, providing advice on crisis management, software adjustments, and more. The policy aims for swift and efficient loss payment once a claim is confirmed.
However, it does not cover voluntary or regulatory-mandated shutdowns unless they result from actual physical damage or proven malware compromising nuclear safety systems.
This policy also excludes war and hostile state-sponsored actions, with war exclusion LMA 5567A/B (type 3) in place. Exclusions also apply to external factors such as supplier issues, grid network damage, and critical infrastructure interruptions outside the client’s operations.
Deductibles are set at $1m for non-business interruption losses and a 48-hour waiting period for business interruption losses.
In January 2024, Chaucer appointed Richard Milner as the new group CEO, signalling continued strategic growth and innovation within the company.
