Trust Insurance Management (TIM) has announced the launch of new cyber products. The company has concluded a coverholder agreement to underwrite the cyber insurance products in cooperation with and utilising the experience, expertise and capacity of the Tarian Consortium 9633 (a pool of Lloyd's syndicates led by Beat Syndicate 4242).
Initially TIM's cyber products are targeted at businesses in the GCC region. Non-property damage losses arising from cyber incidents are covered. More specifically:
Third Party Claims - covers the Insured's liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act.
First Party Costs - reimburses the insured for the costs they would incur to respond to a breach, such as IT forensic costs, credit monitoring costs, public relations expenses and cyber extortion costs (including ransom payments to hackers – to the extent insurable by law).
Business Interruption - provides reimbursement for the insured's loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.
In a statement, TIM’s CEO Kamal Tabaja said, “Modern business is ever more reliant on technology and connectivity. A breach of data or a service shutdown can have a major risk and financial impact on businesses”.
He continued, “As such, we are keen to serve the growing cyber insurance needs in the GCC region, brought about also by the growing awareness of privacy rights, multi-layered legislative approach to data protection laws, increased regional compliance as well as extra-territorial GDPR implications”.
TIM is an insurance manager based in Bahrain, regulated by the Central Bank of Bahrain with authorised, issued and paidup capital of BHD100,000 ($266,000). As a subsidiary of Trust Re, TIM has full access to the underwriting expertise and reputation of Trust Re. As a Lloyd’s coverholder, TIM is able to offer Lloyd’s security and coverage in the more than 200 countries and territories in which Lloyd’s operates.