Marsh Risk, a Marsh business, has announced the launch of a cyber policy endorsement framework designed to speed up clients’ access to funds after a cyber incident.
Through this framework, Marsh has negotiated custom accelerated payment endorsements with cyber insurance companies AIG, Beazley, Canopius, CFC and QBE.
Marsh is also embedding new policy language into its proprietary primary network products, including Cyber ​​CAT, and is working to expand operator participation and expand the framework to other markets around the world.
The framework establishes clear, negotiated pathways for upfront and interim payments and enables insurers to make payments directly to approved incident response companies, so customers do not have to bear early recovery costs during a crisis.
It also requires interim payments for uncontested business interruption (BI) losses and introduces standardized, prioritized evidence packages to reduce insurer review times and harmonize the expectations of policyholders, brokers and insurers. Policy language clarifies when response costs and business intelligence losses qualify, helping to reduce ambiguity that can slow settlements.
Greg Eskins, global head of cyber products at Marsh Risk, said: “Resolving cyber business interruption claims can be a lengthy and documentation-intensive process.
“Our framework directly addresses the operational and financial realities that clients face when trying to recover from a cyber incident. By minimizing clients’ out-of-pocket costs, getting funds into their hands faster, and reducing the complexity of documentation required by insurance companies, we help clients focus on recovery, not paperwork.”
