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NIG Insurance have launched a new Cyber Insurance product designed to cover cyber risk.

New Cyber Insurance product

March 2018


NIG Insurance have launched a new Cyber Insurance product designed to cover cyber risks which could be damaging to businesses that use technology and are involved in the storage or use of date.

Some key points are:
Minimum Cyber premiums from £92 + IPT
Statement of Fact for risks with limits under £500,000
Plain English Policy Wording 'Crystal Mark'
Variable excesses and Indemnity periods available

Policy features:
Costs up to £50,000 for locating and removing a computer virus from your computer system (even if damage or disruption has not been caused) and hiring professionals if your computer system has been affected by a virus or attack to recommend how to prevent your computer system from being infected by a computer virus or being hacked.

Investigation costs for possible repair, replacement or restoration where a claim has been accepted up to £50,000

Loss prevention measures to prevent or minimise further expected damage or future losses up to £50,000

Temporary and fast-tracked repair, replacement or restoration where a claim for damage has been accepted up to £100,000 (but no more than 50% of the cost of damage or other loss covered by the policy)

Court attendance extension up to £25,000

Contractual fines and penalties up to £25,000 as a result of not keeping to your data privacy obligations (not fines and penalties which you cannot insure against by law)

Costs to withdraw data from the internet to avoid or reduce a claim up to £10,000

Security audit costs following a data-breach claim caused by security weaknesses in your computer system up to £10,000

Terrorism Excluded - Computer virus, hacking or denial of service attack not regarded as an act of terrorism
All sums insured, limits of liability and extra cover limits operate on a per occurrence basis rather than a total for the period of insurance, other than the Cyber Attack Limit.

For a quote call LRG Financial Solutions on 01923 725111