ALLIANZ REFRESHES COMPUTER PRODUCT TO COVER EMERGING CYBER RISKS

Allianz has launched a refreshed Computer proposition to the broker market, which has been updated with new covers and services to reflect the emerging risks faced by UK businesses, such as data corruption and cyber-attacks.

The latest proposition from Allianz is suitable for both mid and large corporates and is specifically designed to protect computers, supporting equipment, software, data and licence agreements.

Available as standalone cover from Allianz Engineering or as an optional cover as part of Commercial Select and its mid corporate sector specific propositions, Computer will cover the cost of repair or replacement following loss, damage or corruption as a result of operator error, faulty workmanship, breakdown, or even data corruption as a result of a cyber-attack.

As part of the refresh, customers will now have the option to include first party cyber cover, with an indemnity limit of up to £100,000. This includes cover for the removal of a virus before a loss, the employment of a professional cyber consultant to prevent reoccurrence, and the recompilation and repurchasing of data or software.

Allianz has also made several other cover enhancements, including:

• Breakdown cover - even if there isn’t a maintenance programme in place, up to £10,000 limit of indemnity.
• Reduction of Environmental Impact (‘green trade-up’) – the limit of indemnity is increased by 10% if computer/equipment is replaced with greener items.
• Cost of Recovery Following Theft – the cost of employing specialist investigators to recover computer equipment that contains confidential data or information, following a Material Damage event.

Policyholders will also have access to additional services, including a free ten minute cyber consultation, a free Government cyber essentials assessment and discounted services from Allianz’s network of preferred suppliers.

Chris Little, director of engineering, Allianz Insurance, commented: “We recognise that the rapidly changing technological landscape means that UK businesses are constantly presented with new risk exposures and challenges.

“Cyber risks are a very real concern for many of our customers, so in response we have refreshed our Computer proposition to offer optional first party cyber cover. This will give our customers the peace of mind that they are protected against damage or loss of their data in the unfortunate event of a virus or hacking incident.”

ENDS