Markel launches cyber cover for indirect war losses

By Michael Jones

May 13 - (The Insurer) - Markel has launched a specialist cyber product that provides up to $5 million of cover per risk for indirect losses arising from an act of war, the company said on Tuesday.

The product provides cover for collateral damage caused by acts of war, a peril that is typically excluded in cyber insurance policies.

It has been developed as a wrap-around product for large corporate clients with existing cyber insurance policies. Markel said the product could provide cover for those insureds moving to a more restrictive war exclusion.

The insurer said it has ring-fenced a fixed amount of aggregate limit for the product, initially capped at $5 million per risk.