FM Global has introduced a novel cyber insurance solution, named Cyber Optimal Recovery, a complement to its all-risk FM Global Advantage policy that helps maximize a client’s recovery from a cyber loss event and enhances their organization’s resilience.
Cyber Optimal Recovery is designed for clients that have, or are planning to purchase, a stand-alone cyber policy. It allows the client to choose whether the FM Global Advantage policy is primary, contributing, or is in excess to a cyber policy, in order to maximize recovery under both policies.
“Cyber risk is becoming increasingly sophisticated and complex and leading many organizations to purchase separate cyber policies that often cover both third-party liability and first-party property,” said Bret Ahnell, FM Global executive vice president.
“This creates a scenario where it may be unclear how these policies would interact in the event of a cyber loss. This endorsement was developed in direct response to feedback from our mutual policyholders to ensure they receive the best cyber claims recovery possible with contract certainty.”
FM Global has been involved in cyber insurance solutions since 1999. Recently, it expanded its scope to cover interruption of data services. It also integrated its underwriting and engineering units to deal with cyber threats more effectively.
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