AXA XL introduces new endorsement in the U.S. tailored to contractors' cyber risks
Tuesday, November 5, 2024
NEW YORK, Oct. 28, 2024 /PRNewswire/ -- AXA XL created a new tailored cyber insurance endorsement designed to provide construction firms in the U.S. with enhanced protection against the rapidly evolving landscape of cyber threats.
According to Michelle Chia, Chief Underwriting Officer, Cyber in the Americas, "Every industry has its own unique set of challenges when it comes to cybersecurity. The construction industry is no exception. In fact, its growing reliance on various digital tools and data, such as 3D models, project management platforms, AI, Internet of Things devices, and supply chain management software, exposes construction companies to increased cyber risks. In collaboration with our Construction underwriters, we designed this endorsement to address the very specific cyber concerns of our construction clients."
"Recent cyber-attacks in construction have caused delays, business disruption, financial losses, and brand damage," said Greg Chambers, Cyber Underwriting Manager. "Contractors already operate on very tight profit margins. Having the right cyber insurance policy, tailored to their specific exposures, protects profits from the financial consequences of cyber incidents including costs related to investigating a breach, notifying affected parties, legal expenses, project delays, missed business opportunities and more."
AXA XL's new construction cyber endorsement includes coverage for:
-- Missed Bid reimbursement for income loss due to not being able to submit
a bid because of a cyber security breach or system failure.
-- Contingent Bodily and Property damage for 3rd party bodily injury or
property damage claims caused by a cyber security breach.
-- Expanded definition of network to include BIM (Building Information
Modeling) and other construction-related software, providing coverage
for claims or first party costs resulting from a breach or system
failure on such software operated by the insured firm.
-- Downstream Contractual Penalty Coverage for loss as a result of
contractual penalties due to construction and/or production delays
resulting from a cyber security breach or system failure.
-- Drone coverage to address privacy violations that result from the use of
drones.
AXA XL's cyber insurance team is dedicated to helping clients understand and minimize their cyber risks through comprehensive insurance coverage and risk management services. With a focus on proactive risk assessment and responsive claims handling, AXA XL supports clients in navigating the complexities of the evolving cyber risk landscape.
Follow AXA XL on LinkedIn.
ABOUT AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
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SOURCE AXA XL
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