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Cyber Insurance Policy Upgrade Launched

We’ve just launched a major upgrade to our key product’s policy wording.

The revamp to Cyber Event Protection policy, CEP-005, is the eighth product upgrade in nine years.

Emergence CEO Troy Filipcevic says cyber threats change so rapidly it is vital for the wording to be continually enhanced so insureds are protected against new and emerging cyber threats.

“We’re offering brokers, and their clients, additional coverage and have introduced free advisory services as part of the policy core to help insureds become better risks,” he says.

The advisory services for Emergence CEP-005 policyholders, provided by related company cyberSuite Pty Ltd, include:
• A one-hour free consultation with a cyber security analyst
• Access to a range of template documents, including an incident response plan
• Threat intelligence through 24/7 scanning of the insured’s internet-facing infrastructure
• Dark web monitoring.

Excess removed

A key policy wording change is removing the excess for insureds with turnovers of less than $25 million. This is a major bonus for Australian SMEs that may be hard hit if they need to claim on their policies.

Our underwriting portal continues to enable brokers to quote and bind risks with an annual turnover of up to $75 million. Larger risks are underwritten by our underwriting team.

With the benefit of nine years of underwriting and claims data, we’ve been able to simplify the number of underwriting questions required to target today’s cyber exposures while our broad risk appetite remains unchanged. That makes it easier for brokers to transact and enables their clients to get quotes and coverage faster.

Other new features of CEP-005 include:
• Expanded coverage under Section A – Losses to Your Business (Business Interruption) to automatically include business interruption caused by a cyber event in an insured’s IT contractor’s business.
• Automatic inclusion of business interruption cover for system failures.
• Expanded coverage under Section C – Cyber Event Response Costs to cover insureds’ response costs if a cyber event occurs in their IT contractors’ or data processors’ businesses.
• Expanded coverage under the optional cover Criminal Financial Loss to include cover for push payment theft.
• An increased sublimit under the optional cover Tangible Property to the same limit as Section C – Cyber Event Response Costs.
• A new optional cover for D&O claims arising out of a cyber wrongful act.

Portal updated

The Emergence broker portal has been updated to reflect all changes within the upgraded CEP-005 wording.

Troy says the dynamic policy wording changes signify Emergence’s continual evolution to meet the needs of an ever-changing market.

“The policy wording reflects feedback from brokers about what their clients need. Emergence has built a dedicated team of experts across Australia, and now in New Zealand, who are raising the bar in promoting cyber protection awareness,” he says.

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