Howden, the renowned global insurance group, has made a groundbreaking announcement regarding the launch of a dedicated European cyber and technology errors & omissions lineslips. This innovative product, developed in collaboration with Canopius and IQUW, enjoys support from three other Lloyd’s insurance company markets. With impressive limits of up to EUR 20,000,000 and an A Excellent – A.M. Best Credit Rating, this offering aims to cater to primary businesses in Europe.
Product Details
In a strategic partnership, Canopius, IQEU, and three other Lloyd’s insurance company markets have come together to develop and support Howden’s pioneering product. Its impressive limits ensure that businesses can secure substantial coverage for cyber and technology risks. The A Excellent – A.M. Best Credit Rating further enhances the credibility and reliability of this product.
Coverage and Target Market
Designed to address a diverse spectrum of cyber and technology risks, Howden’s lineslips cater to businesses across 14 European countries. This expansive coverage ensures that companies operating in various industries and sectors can benefit from tailored protection. The product specifically targets companies with turnovers of up to €3 billion, providing them with the necessary coverage to navigate the complex cyber and technology landscape.
Features of Howden’s Offering
Howden’s latest lineslips provide comprehensive coverage for first-party and third-party cyber and technology errors & omissions. This ensures that businesses have robust protection against potential financial losses and liabilities arising from cyber incidents. Furthermore, the lineslips include an insurer-led breach response capability, offering a 24/7 hotline and multilingual support. This feature ensures that clients have access to timely assistance and accommodation for their diverse language needs. Additionally, clients gain access to a suite of proactive risk management services, empowering them to effectively mitigate cyber risks. To streamline the process, Howden has also introduced a user-friendly and expedited cyber application form.
Eligibility and Submission of Risks
To benefit from Howden’s tailored terms and coverage, businesses situated in several European countries can submit their risks. The eligible countries include Sweden, Finland, Norway, Denmark, Iceland, France, the Netherlands, Belgium, Luxembourg, Germany, Switzerland, Spain, Italy, and Greece. This wide range of eligible countries demonstrates Howden’s commitment to providing comprehensive and region-specific solutions to its clients across Europe.
Rationale Behind the Initiative
Shay Simkin, Global Head of Cyber at Howden, expresses the rationale behind this innovative initiative, stating, “The EU Mid-Market Lineslips derive from the growing need to service European clients with meaningful capacity.” Simkin indicates that the launch of this pioneering product demonstrates Howden’s dedication to meeting the evolving needs of its clients by providing them with comprehensive and meaningful insurance coverage.
Howden’s launch of dedicated European cyber and technology errors & omissions lineslips for primary businesses marks a significant development in the insurance industry. The comprehensive coverage, insurer-led breach response capability, risk management services, and streamlined application process make this product a valuable offering for companies across Europe. By leveraging the expertise and collaboration of multiple industry leaders, Howden ensures that its clients can access meaningful capacity and stay protected in an increasingly complex cyber landscape.