Shoreline is gearing up to launch a new insurance covering both cyber and commercial crime risks facing shipowners and other maritime operators.
The Bermuda-based insurer — best known as a provider of certificates of financial responsibility (COFR) guarantees for ships trading to the US — is teaming up with the XL Catlin group in the Lloyd’s of London market to offer up to $40m of cover that makes no distinction whether the loss is from a cyber-attack or fraud, or both.
The launch date is targeted for 1 May.
Shoreline said the cover breaks new ground in an evolving area of risk where few shipping businesses have cover for either a cyber-threat or commercial crime.
Shoreline and XL Catlin’s partner in the initiative is shipping services group HudsonAnalytix, which will be providing software to enable potential buyers to carry out a preliminary self-assessment. This is before more extensive risk management help for those going ahead with the policy.
The Crawford & Co adjusting group will supply a 24-hour cyber hotline providing post-attack crisis support.
Shoreline’s move into the crime and cyber risks arena has been led by Nicholas Taylor, who retired as a senior…
