The Swedish club has announced that from 1 January 2024 it will offer cyber insurance coverage to all club members, providing reassurance and support in the event of a cyber-attack. This pioneering step makes the Swedish Club one of the first marine insurers to provide such coverage and is in line with the guidelines set by IMO for cyber security. These are intended to provide managers and crew with the ability to effectively respond to cyber attacks on computer-based systems on board ships.
Cover will be offered to all vessels insured for H&M and/or P&I through the Club at preferential rates, with three packages available depending on the level of cover required.
Thomas Nordberg, Managing Director of the Swedish Club, says: “As the industry’s ‘all-in-one club’ we have built a reputation for providing our members with comprehensive support for all their operational needs and offering this cyber insurance A natural progression in our commitment to them. In partnership with our loss prevention efforts, this initiative now addresses the growing threat of cyber attacks.
Thorbjorn Emanuelsson,
Director, Underwriting
“When port states and coast guards around the world start asking about cyber risk mitigation and resiliency – and they already are – our member shipowners can show them a cyber insurance policy from the Swedish Club, which covers maritime cyber-emergency Includes specialist cover for response, physical damage and debris removal resulting from a cyber attack. We believe this is very valuable to our members and that is why we want to protect them.
“We are delighted to be able to deliver these new market leading products. They meet market demands, are easy to understand, suit the needs of our members and will provide the best value for money in the market,” he adds.
Thomas Nordberg
Managing Director, Swedish Club
The Club has partnered with leading experts in the field to develop this new insurance and have tailored packages to meet the diverse needs of members. The Basic package covers maritime cyber-emergency response, physical damage and resulting rental loss and the Basic Plus version offers extended coverage limits. For those seeking the highest level of coverage, a comprehensive insurance package is available at competitive rates. Additionally, in the event of an incident, members can avail of a 24/7 hotline manned by cyber experts.
Thorbjorn Emanuelsson, Director of Underwriting, says: “Cyber threats should not be taken lightly, and these new products will help protect members from the financial consequences of cyber attacks.”
Source: Swedish Club
