Does this policy cover the insured’s office network as well as the vessels?
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
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.