Yacht - Cyber: 380 Buy-back
Yachting has never been more technically advanced, not only onboard sophisticated vessels, but throughout the entire chain of owner’s, operational offices and commercial partners.
There are significant security issues linked to navigational systems, engine management, yacht management, commercial operations and crew or staff using the internet.
Raising awareness and choosing partners who can assist and respond when the need arises is an important first step.
Marine insurance policy wordings ordinarily include the “Institute Cyber Attack Exclusion Clause” [10/11/2003], commonly referred to as “Cl.380”:
"...in no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from the use or operation, as a means for inflicting harm, of any computer, computer system, computer software programme, malicious code, computer virus or process or any electronic system."
Norwegian Hull Club's Cyber insurance has a unique two-level approach:
1. A policy providing cover for incidents that would otherwise not be recoverable due to the Cl.380 exclusion.
2. Loss prevention and operational intelligence service focusing on:
- The BIMCO Guidelines on Cyber Security Onboard Ships
- Cyber Awareness
- Norwegian Hull Club Cyber Loss Prevention Assistance
- Norwegian Hull Club Cyber Response