AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited and Kennedys Law LLP, have partnered to launch a new marine cyber insurance product.
The firms said the new product will provide insurance cover for the marine shipping market to protect against cyber exposures on board vessels and onshore in shipping company offices.
The product will be available immediately for all new and renewing AXIS Cyber Marine Insurance policies.
In conjunction with Kennedys, AXIS policies will feature four main pillars to provide a “comprehensive approach to prepare, protect against and respond to cyber threats across the maritime industry”.
- A single dedicated point of contact always available to report a cyber incident and process insurance claims simultaneously.
- An extensive network of marine, legal and technical experts in any part of the world at any time to aid recovery.
- Support, if required, offering a range of assistance from system restoration, counsel and liaising with cyber experts.
- Online cyber security awareness training for all maritime personnel, both onshore and offshore.
Dan Trueman, AXIS Insurance global head of Cyber and Technology, 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.”
Jonathan Evans, partner at Kennedys, added: “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.”
The AXIS Marine Cyber Insurance product will be underwritten and managed by its Global Cyber and Technology team in London.