JOHNSTON – FM Global, an international mutual insurance company, last week announced a new cyber insurance option to help customers recover cyber-related losses.
The Johnston-based company says its new option, dubbed “cyber optimal recovery,” is an industry first and an endorsement to its FM Global Advantage policy. The new cyber policy gives clients the option to choose whether the advantage policy is primary, contributing or is in excess to a cyber policy, which the company says will 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,” he added. “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.”
