Cyber Loss of Hire Insurance

The emergence of Cyber related exposures has led the insurance market to exclude cover in many cases from the Loss of Hire (“LoH”) cover that traditionally provides the shipowner with that required financial security. SIGCo’s relationships with a vast number of worldwide shipowners and its well-earned reputation within the insurance market leave it perfectly placed to offer a cost effective and uncomplicated product to fill the gaps in cover resulting from Cyber related perils. SIGCo therefore has introduced a defined perils policy designed to provide LoH cover in circumstances where, due to a Cyber related cause, the LoH policy does not respond.

Description of coverage:
The SIGCo Cyber LoH Cover will indemnify the Assured for loss, damage, liability or expense directly or indirectly caused by or contributed to by or arising from the use or operation, as a means of inflicting harm, of any computer, computer system, computer software programme, malicious code, computer virus or process or any other electronic system by any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) and whether or not induced by the use of force or violence or threat thereof to commit such acts, and which directly or indirectly results in actual physical loss or damage to the Vessel or liability of the Vessel, where such loss, damage, liability or expense is not recoverable from LoH underwriters due to a Cyber exclusion or the absence of Cyber cover in the LoH contract.

The SIGCo Cyber Insurance Wording v4-21Jul21 and SIGCo Cyber Loss of Hire &/or Earnings Endorsement v4-21Jul21 can be found here.

How to Apply:
Shipowners wishing to purchase “Cyber Loss of Hire Cover” should have their insurance broker contact SIGCo using the details provided. SIGCo will provide the application form which will request Fleet and Vessel information, together with a brief questionnaire that will assist in outlining general steps that the shipowner takes to mitigate Cyber risks for Vessels under their operational control. Coverage is not conditional on the answers to this questionnaire, rather they will be used to assist SIGCo and our partners in the future provision of Cyber related insurance products.

Our staff will handle all aspects of the application process right through to provision of the Evidence of Cover. We are, of course, available to answer questions related to this product.

The Cyber LoH Application form can be downloaded in excel by clicking on the link: Application form.