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Maritime cyber insurance offered to shipowners
The Swedish Club will offer cyber insurance protection to all its members from the start of 2024, providing reassurance and support in the event of a cyber attack
It will provide shipowners, managers and crew with the capabilities to cope effectively with any cyber attacks that occur on computer-based systems on board ships.
The Swedish Club is one of the first marine insurers to provide this coverage and to offer comprehensive support as the maritime industry faces an escalating threat of cyber incidents.
This insurance cover will be offered at preferential rates to all vessels insured for hull and machinery (H&M) or protection and indemnity (P&I) through the Swedish Club in alignment with the IMO’s cyber-security guidelines. There will be three packages available depending on the level of cover needed.
“Offering this cyber insurance is a natural progression in our commitment to providing comprehensive support for all our members’ operational needs,” said The Swedish Club managing director Thomas Nordberg.
“Partnered with our loss prevention efforts, this initiative now addresses the escalating threat of cyber attacks.”
The Swedish Club has partnered with leading experts in the field to develop this new insurance and has tailored the packages to meet the diverse needs of members.
“When port states and coastguards around the world start asking about cyber risk mitigation and resilience – and they already are – our member shipowners can show them a cyber-insurance policy,” said Mr Nordberg.
This includes “specialist cover for maritime cyber-emergency response, physical damage and wreck removal resulting from a cyber attack. We think that is worth a lot for our members and it is why we want to protect them.”
The Basic package covers maritime cyber-emergency response, physical damage and resulting loss of hire, while the Basic Plus version offers expanded coverage limits.
“Cyber threats should not be taken lightly, and these new products will be instrumental in safeguarding members from the financial repercussions of cyber attacks,” said The Swedish Club director of underwriting Thorbjörn Emanuelsson.
For those seeking the highest level of cover, a comprehensive insurance package is available. In addition, in the event of an incident, members can take advantage of a 24/7 hotline manned by cyber specialists.
Riviera Maritime Media and Inmarsat will be hosting a webinar on 19 December 2023 covering digitalisation and cybersecurity. Safeguarding the seas: Cybersecurity rules for shipping will include debate between vessel owners and technology providers. Use this link for more information and to register to attend
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