Insurance coverage for cyber-related property damage, new regulations for drones, and upcoming changes to federal labor laws topped the list of concerns for insurance buyers as experts from Marsh discussed the broker’s recent midyear report.
The potential for property damage to occur as a result of a cyber attack has been at the forefront of insurance discussions and Marsh’s property practice leader Duncan Ellis reported during a webinar this week that a few insurers now provide some element of coverage. He cited FM Global and Zurich incorporating cyber as a peril in their property policies, and noted that AIG recently released a broader cyber policy to address property damage, bodily injury, and business interruption. Marsh clients have shown increased interest in cyber coverage as part of their property program, according to Ellis.
“We do see signs that [insurers] will consider adding the coverage as part of renewal and are pricing it as part of the quote,” Ellis said. He added that clients should carefully review their property policies to ensure that they properly dovetail with their cyber programs, since both could be triggered in an event.
A polling question during the webinar found that about 50 percent of participants know how their property policies would respond to a cyber event; 35 percent weren’t sure; and 14 percent did not know.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
