AXA XL, a division of AXA, has announced the launch of a first-party cyber insurance option for its Platinum Property clients in the US – businesses that buy 100% of their property coverage from AXA XL. “Demand for cyber insurance is growing with good reason,” said Michele Sansone, president of AXA XL’s North America property insurance business. “Virtually every organization has some cyber exposure. Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first-party loss and a streamlined claims process.” “A cyber event can put a business at a standstill for hours or days,” said John Coletti, AXA XL chief underwriting officer for cyber and technology in North America. “Traditional business interruption is caused by physical damage from a named peril like windstorm, fire or flood. Ingress/egress coverage and civil authority is addressed in standard commercial property coverage. With no physical damage per se, business interruption from a cyber event can be caught in a gray area. This coverage offers clarity.” AXA XL’s first-party cyber endorsement provides coverage for: Platinum Property clients who bolt on the first-party cyber coverage to their property insurance policy will also have access to:
US businesses that buy property coverage exclusively from Platinum Property will be able to benefit from a first-party cyber insurance product as an addition to their AXA XL coverage. The general product will cover business interruption, data breach and recovery, extortion, ransomware and crisis management, while Platinum clients that add the cover to their existing property policies will also be able to access proactive cybersecurity services, an online cybersecurity resource, and 24/7 claims support.