07.23.19
Corvus Team

Now In Flight: Smart Cargo + Cyber™

At Corvus, we are working to address this so-called “silent cyber” risk across the many commercial insurance coverage areas where clarity is lacking.

Smart Cargo + Cyber from Corvus Insurance

Cyber risk is pervasive.

As connected software has become embedded in the practices of nearly every business, cyber risk has become a factor for all lines of commercial insurance. It’s a broad peril, and the universe of potential implications from cyber events can’t be fully addressed by any single policy. Yet most commercial policies are “silent” on coverage for cyber, or explicitly exclude it. That leaves carriers, brokers and insureds alike exposed to unknown losses because of the gap in coverage.

At Corvus, we are working to address this so-called “silent cyber” risk across the many commercial insurance coverage areas where clarity is lacking.

Today we are pleased to announce our first offering in this area with Smart Cargo + Cyber.

Why Cargo + Cyber? 

Cargo losses that involve cyber perils don’t always fit the standard Cargo Insurance policy language describing physical loss to property. Likewise, they sometimes are uncovered by many Cyber Insurance policies.  Many businesses involved in cargo have inadequate coverage for these losses: either they have no cyber coverage at all, or their needs are too specialized to be addressed with coverage from a monoline cyber policy.

That’s why we expanded our data-driven Ocean Cargo Insurance policy with an affirmative Smart Cyber™ endorsement that is tailored for the specific types of cyber risks businesses face when goods are in transit. This clarifies coverage for the issue of goods diverted by a cyber hack for brokers and policyholders.

Everything brokers already love about Corvus’s Smart Cargo Insurance policy remains — we will continue to use risk models built on billions of data points from IoT sensors that drive underwriting for our policies. With Smart Cargo + Cyber, we are adding to that policy an endorsement that features the same technology behind Smart Cyber Insurance, our monoline cyber insurance product.

The Corvus Smart Scan will deliver automated underwriting of cyber coverage for your Ocean Cargo clients, with coverage for Business Interruption and Contingent Business Interruption offered based on the client’s Corvus Score, a holistic measure of their organization’s IT security. We offer options of $1MM and $2MM limits for the Cyber endorsement.

Beyond the Policy: Risk Mitigation 

Our goal at Corvus is to help you and your clients avoid cyber incidents altogether, through better understanding of risk.

With each Cargo + Cyber policy, policyholders participate in our Dynamic Loss Prevention (DLP) program. Our DLP Reports, which are provided upon issuance or renewal of the policy as well as quarterly during the policy period, outline the policyholder’s cyber risk footprint. They explain in clear terms what their largest risk areas are, and provide prioritized recommendations for insured organizations to better manage their Cyber risk.

We’re thrilled to be offering this industry-first policy to address “silent cyber” risk for the Ocean Cargo market and are equally excited to continue building products that address pervasive cyber risk across commercial insurance lines.

Send us your submissions today 

View or Download our Cargo + Cyber eBrochure

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