News & views

Saturday, November 25, 2017

The good news is that NIG’s cyber product has scored very highly (SC1). Here’s what the review had to say:

“NIG’s cyber insurance policy achieved 85 out of 100 under our scoring criteria, making it the highest-rated mid-level policy alongside policies from RSA and Ascent Underwriting.

The policy covers a wide range of risks, including business interruption, breaches by suppliers and reputational damage resulting from a cyber event. And crucially, all of this is without exclusion for any claims arising from an act of cyber terrorism.

Crucially, the policy also does not include any exclusions for cyber terrorism-related events, and also includes cover for claims relating to cyber crime, insuring losses that arise as a result of unauthorised access to the insured computer system, making it one of just three policies reviewed in this report to provide cover for theft of funds as part of the policy.”

The review also highlighted the additional benefits that the cover offers:

“The policy also provides access to a range of additional benefits outside of the traditional insurance cover, including forensic investigations, risk mitigation specialists and crisis management services.

It also praised our “easy-to-read [...] application form” and that:

Brokers are also provided with clear and concise policy wordings, key facts documents, and sales sheets to help improve the sales process.”

This means we only need minimal information to quote for lower limits and simpler risks, but for more complex risk or where you need higher limits we can provide a more detailed proposal form.

The review continues:

“NIG also provides brokers with a list of preferred and excluded risks, which will help brokers looking to place risks for clients in a particular sector.

The policy comes with a variety of available limits ranging from £25,000 to £1m, depending on the risk being covered, with premiums starting at £92 (excl. IPT).”

This positive review supports the 4/5* rating we received by an independent broker reviewer in Insurance Age during 2016 (SC2).

NIG Cyber Cover offers data-breach expense cover as standard, to help cover the cost of professional, legal, forensic IT, PR and crisis management services following a breach.

The comprehensive cover our product offers also includes 24/7 support, which can go a long way to safeguarding the future of your business if you suffer a data breach. In our experience, the speed of response is critical to minimise losses.

Here’s what our Cyber policy also covers: 

  • Cybercrime – financial loss from hacking, fraudulent input or altering data
  • Cyber liability – damages and defence costs related to a data breach
  • Third-party data storage – data held at a third-party storage provider
  • Loss of business income following a cyber-event (optional)
  • Damage, loss, corruption and breakdown of hardware (optional)
  • Data corruption and extra costs (optional).


You can find more information about NIG’s Cyber Cover product, including key facts, sales aid, proposal form and policy wording here.

To find out more about the Insurance Times Review of cyber insurance products for the UK SME market visit – www.insurancetimes.co.uk/the-best-cyber-cover-revealed-analysis/1424948.article


Sources.

Source 1 - www.insurancetimes.co.uk/the-best-cyber-cover-revealed-analysis/1424948.article

Source 2 - www.insuranceage.co.uk/products/2459779/review-cyber-for-smes