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The specialist construction and engineering insurance firm, Ensurance (ASX:ENA), has added cyber coverage to provide policyholders with streamlined and comprehensive cover in the event of a cyber event.

The insurance product will be available via Ensurance’s UK arm, and is underwritten by a global specialist Lloyds Syndicate which brings three decades of experience in this market.

The product broadens Ensurance’s target market, with the product available to any business
that is responsible for handling customer data. The cover includes first and third-party
liability, cyber extortion, data protection loss, and business interruption. It provides
policyholders with access to reputational risk management and cyber forensics expertise.

The policy will also provide comprehensive privacy breach response management, and
Ensurance policy holders will have access to a dedicated team of experienced cyber-breach
professionals to support policyholders at every stage of incident investigation and breach
response.

It is hoped that this support will help policyholders to quickly return to business as usual
following a cyber attack or data breach.

Cyber insurance is the first of a number of new lines of business Ensurance hopes to enter.
According to Ensurance’s Chairman, Tony Leibowitz, the company is also targeting specialist insurance products for emerging and underserved markets.

There is a rising need for cybersecurity and data protection. According to the UK
government’s Department for Culture, Media and Sport’s 2017 cybersecurity breaches
survey almost half of UK businesses in 2017 reported at least one cybersecurity breach or
attack.

The CEO of Ensurance UK, Tim James, expressed the need for launching the new service to
meet the growing global demand.

“We’re very aware of the potentially damaging effects of these new data breach risks in the
construction sector. We have a comprehensive insurance product supported by a Lloyds
Syndicate that offers policy holders flexibility and will provide them with reassurance of
protection in the face of a cyber attack or data breach.”

Ensurance’s UK arm operates as a Managing General Agency (MGA) in the UK. Its
partnerships are with some of the world’s largest insurance providers and Lloyd’s Syndicates
including Swiss Re, AXA XL, Faraday, Abbey Legal and Beazley.

Via these excellent capacity partners, Ensurance UK are able to underwrite risk in the Construction & Engineering sector in their approved territories. It sells specialist insurance solutions for the construction and engineering sectors. The new cyber product will broaden its target market in the UK and we could soon see the product available in Australia.

In Australia, Ensurance operates as an Underwriting Agency, distributing products via a
network of more than 340 brokers.

 

This content is produced by Star Investing in commercial partnership with Ensurance Limited. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.