JLT SPECIALTY LAUNCHES NEW CYBER PRODUCT FOR AIRLINE INDUSTRY
05 March 2018
JLT Specialty (JLT), the specialist insurance broker and risk consultant, has launched a new cyber insurance policy to address specific and often overlooked risks to airlines caused by business interruption and data breach risks.
JLT’s DART (Data and Reliance on Technology) protection insurance is designed specifically to fill the commonly identified cyber gaps in existing airline insurance portfolios, including the risks of data breach and non-damage related business interruption and related expenses. The wording has been designed with insurers seeking to provide a rapid settlement of claims with pre-agreed flight values.
The cover will be provided on a discovery basis and includes the essential elements of cyber insurance such as Incident Response, Data Restoration, Cyber Extortion and Cyber & Data Breach Liability, balance sheet protection, as well as Business Interruption Loss. Specific policy extensions will also be available for issues related to outsourced service provider dependencies, data privacy or to cover the cost of customer goodwill initiatives as part of the incident response.
JLT’s DART will cover business interruption on applicable flights cancelled or delayed for more than three hours due to a cyber incident. This cover will be on a pre-agreed value basis which takes into account lost revenue, duty of care, and statutory passenger compensation. Extended outage of the website or on-board point of sale systems resulting in revenue loss are also covered and would be adjusted in the same way as a standard cyber policy.
JLT is working with a number of highly rated and experienced London market insurers to support this new facility with excess of £100m in capacity.
Nigel Weyman, Head of Aerospace at JLT Specialty, said: ‘The airline industry continues to face a growing threat from cyber attacks, which if not handled effectively can have a devastating effect on a business, causing serious damage to reputation and consumer trust.
‘With attacks becoming increasingly sophisticated, the need for cybersecurity solutions is becoming much stronger. The insurance industry has a long history of providing innovative solutions for emerging risks, and I’m delighted that using our in-depth experience of the aviation industry we’ve been able to develop a product that will help airlines recover more quickly should they become the victim of a cyber attack.’
Sarah Stephens, Head of Cyber at JLT Specialty, said: ‘The launch of DART protection insurance for airlines fills a distinct gap in the current market, and ensures airlines are protected in the ever evolving cyber risk landscape. This sort of innovation is testament to JLT’s dedication to evolve to best meet the complex and changing needs of our clients across the airline industry.’
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PR Manager, JLT Group
+44 (0)20 7895 7705
+44 (0)7799 340658
Scott Addison / Jack Curry
+44 (0) 20 7269 1430
NOTES TO EDITORS:
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 41 countries with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
JLT Specialty Limited (JLT Specialty) is a specialist insurance broker and risk consultant, providing market leading industry knowledge and expertise in specialist fields to some of the world's largest companies.
For further information about JLT, please visit our website