CAC Group has launched new cyber insurance solution, CyberPeril Pro, which aims to close coverage gaps in the energy and utility markets
The product treats cyber as a distinct peril and clients can tailor-fit their coverage based on their unique risk profile.
In addition, this new insurance solution offers protection including traditional cyber insurance with full limits for contingent business interruption, system failure, and cyber extortion. It includes third-party bodily injury, property damage, first-party physical damage, and pollution legal liability from cyber incidents.
CAC Specialty executive vice president for professional & cyber solutions practice leader Adam Lantrip commented that as more carriers eliminate 'silent cyber' coverage from traditional insurance products, CAC Group’s clients are increasingly concerned about growing coverage gaps. Hence, introducing the new cyber insurance solution that helps solve some of these concerns.
"By developing a customizable solution that addresses cyber risks head-on, we're providing each of our clients with better and smarter tools to safeguard their operations against the growing threat," added Vannessa Smith, vice president of professional & cyber solutions practice at CAC Specialty.
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