Continuing the strengthening of its CyberFirst program, Travelers will introduce a new endorsement to this program in the coming months, targeting media and communications liability. This endorsement is initially scheduled to go into effect in Georgia on Dec. 1 but will likely be introduced in other states as well. Travelers has made several updates to its cyber programs throughout 2020, which included rate hikes of 15.7 percent during Q1 in Texas, in keeping with growing exposure and rising pricing trends within the cyber segment. The carrier also expanded the number of endorsements under its CyberRisk program in late 2019.
Its latest endorsement, dubbed the Communications and Media Liability endorsement, will be optional, with the carrier looking to expand the program by offering more product tweaks to keep pace with market competition. This endorsement will broaden the policy, providing coverage for any loss attributed to a communications and media wrongful act, which will encompass a wide range of potential exposures.
This can include any tampering with advertising or copyrighted material, among several other possible exposures. This endorsement will share the Wrongful Act limit and Aggregate limit of the existing policy. Expect such endorsements to continue hitting the market as carriers look to expand base cyber policies with specialized endorsement tweaks.
Expect this product enhancement to be utilized by Travelers companies The Charter Oak Fire Insurance Company, The Phoenix Insurance Company, The Travelers Indemnity Company, The Travelers Indemnity Company of America, The Travelers Indemnity Company of Connecticut, Travelers Casualty Insurance Company of America, and Travelers Property Casualty Company of America.
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