Does this policy cover the insured’s office network as well as the vessels?
Yes
Does the limit need to be the same as my vessel value?
You can request a range of limits to suit the budget.
What limit should I buy?
This will depend on a huge range of factors, so it is usual to get a range of options and see which suits best. Your broker should also be able to help.
Does the policy cover the new LMA 5403 cyber exclusion?
Yes, we can offer buybacks to CL380 or LMA 5403.
Which policies can we buyback to?
Hull & Machinery, Increased Value and Loss of Hire.
How does the buyback work?
We will mirror the underlying terms and conditions within the policy, so the deductibles will be the same as well as the coverage. If the underlying policy declines cover citing the cyber exclusion, we will take over as we are providing cover for this
exclusion.
Will you negotiate and reimburse ransom demands?
Yes, that is one part of the policy coverage available.
How does the business Interruption work?
If you have purchased the buyback to your Loss of Hire policy, it will work in the same way using the same daily deductibles. If you have purchased the general business interruption cover, we will cover costs whilst the systems are restored (including
systems onboard), usually after a 12-hour waiting period.
Does it have to be owners of the vessels purchasing the policy?
We can provide cover for management companies too.
How do I access the 24/7 breach response services?
This can be found in the policy documentation.
Coverage is underwritten by one or more subsidiaries of AXIS Capital Holdings Limited, whose financial strength and ratings are available at https://www.axiscapital.com/who-we-are/financial-strength-ratings. Coverage may not be available in all jurisdictions and may be available only through appropriately licensed producers.
In the United Kingdom, risks are underwritten by AXIS Managing Agency Ltd (“AMAL”) on behalf of Syndicate 1686 or by AXIS Specialty Europe SE (London Branch) (“ASE London Branch”). AMAL is registered in England (Company Number: 08702952) with a registered office at 52 Lime Street, London, EC3M 7AF. AMAL is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Firm Reference Number: 754962). AMAL manages Syndicate 1686 and is additionally subject to the supervision of the Society of Lloyd's. The Syndicate also benefits from the strength of the Lloyd's brand, its network of global licenses and the Lloyd's Chain of Security. ASE London Branch is an overseas branch of AXIS Specialty Europe SE (“ASE”). ASE is registered in Ireland (Registration Number: 353402 SE) at Sixth Floor, 20 Kildare Street, Dublin 2, Ireland. ASE is authorised and regulated by the Central Bank of Ireland. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of ASE’s regulation by the Prudential Regulation Authority are available from us on request.
In the European Economic Area, risks are underwritten by AXIS Specialty Europe SE (“ASE”) or by Lloyd’s Insurance Company S.A. (“Lloyd’s Europe”). ASE is registered in Ireland (Registration Number: 353402 SE) at Sixth Floor, 20 Kildare Street, Dublin 2, Ireland. ASE is authorised and regulated by the Central Bank of Ireland. Lloyd’s Europe is a subsidiary of Lloyd’s and is authorised by the National Bank of Belgium (NBB).
