The Swedish Club offers cyber insurance protection to all members
The Swedish Club has announced that from 1 January 2024 it will offer all Club members Cyber Insurance coverage, providing reassurance and support in the event of a cyber attack. This pioneering move makes The Swedish Club one of the first marine insurers to provide such coverage and is in alignment with the guidelines set by the IMO for cyber security. These aim to provide managers and crew with the capabilities to cope effectively with cyber attacks that occur on computer-based systems on board ships.
The cover will be offered at preferential rates to all vessels insured for H&M and/or P&I through the Club, with three packages available depending on the level of cover needed.
Thomas Nordberg, Managing Director of The Swedish Club says: “As the industry’s ‘All-in-One Club’ we have worked hard to build a reputation for providing our members with comprehensive support for all their operational needs, and offering this cyber insurance is a natural progression in our commitment to them. Partnered with our loss prevention efforts, this initiative now addresses the escalating threat of cyber attacks.
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“When port states and coast guards 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 from The Swedish Club, with 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’s 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, fit for our members’ needs and will deliver the best value for money in the market,” he adds.
The Club has partnered with leading experts in the field to develop this new insurance and tailored the packages to meet the diverse needs of members. The Basic package covers maritime cyber-emergency response, physical damage, and resulting loss of hire and the Basic Plus version offers expanded coverage limits. For those seeking the highest level of coverage, a comprehensive insurance package is available, all at competitive rates. In addition, in the event of an incident members can take advantage of a 24/7 hotline manned by cyber specialists.
Thorbjörn Emanuelsson, Director of Underwriting, says: “Cyber threats should not be taken lightly, and these new products will be instrumental in safeguarding members from the financial repercussions of cyber attacks.”