W.R. Berkley subsidiary Key Risk Insurance Company is aiming to introduce over 40 new endorsements to its Berkley Cyber Risk Insurance Program in the coming weeks. The carrier is aiming to introduce these new product tweaks in Texas, effective immediately upon regulatory approval, but will likely come to other markets before year’s end.
Cyber Risk Endorsements
Along with several new endorsements the carrier plans to introduce, Key Risk will also replace two existing cyber endorsements in its book of business. These revisions were primarily made in response to similar offerings from competitors.
The endorsements changed are the carrier’s System Failure Business Interruption – Scheduled Outsourced Provider with Sublimit Endorsement and the Telecommunication Fraud Coverage Endorsement. The System Failure endorsement is being renamed to add the word “Contingent” to the beginning of its title, expanding the endorsement’s policy language to coverage “an interruption or failure” instead of a “Data Security Event” broadening the enhancement along with other language tweaks. The Telecommunication endorsement has been revised to include exclusions.
New and Revised Endorsements Optional
All of the new and revised endorsements for the program will be optional. These endorsements will primarily expand the amount of coverage options and enhancements available for the program, allowing for more customization options for insureds, with Key Risk eying to maintain current insureds and entice new ones. Among the new options will include endorsements for, but not limited to:
- Shared Limits
- Social Engineering Loss Definition Amendatory
- Minimum Earned Premium
- Ransomware Coinsurance
- Subsidiary/Fund Manager
- Increasing Limits and Retentions Midterm Endorsement with Retroactive Date
- Emergency Data Breach Response Expenses
- Bricking Amended
- Split Limits
- Cryptojacking
- Bricking
- Data Protection Regulation
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