Cyber-Attack Exclusion Buy-Back
The possibility of cyber-attack against a vessel or land-based organisation is a real and increasing threat for the shipping industry.
Shipping has never been more technically advanced, not only onboard sophisticated vessels and offshore units, but throughout the entire chain of owner's and operational offices, (sub) contractors and commercial partners. There are significant security issues linked to navigational systems, engine management, cargo management, ship management, commercial operations and crew or staff using the internet. As of 2021, it is also mandatory to integrate cyber security into the ISM code.
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 either the Clause 380 - Institute Cyber Attack Exclusion Clause [10/11/2003] or LMA5403 - Marine Cyber Endorsement [11/11/19]:
"...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 cyber-attack 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
Norwegian Hull Club – the Preferred Leader
When placing insurance with Norwegian Hull Club as Leader, an Assured has access to claims handling experience, service levels and competence of the highest quality. We handle claims and critical situations in the most professional way. We prioritise and make claims settlements much quicker than the industry average, through practical, solution-driven claims handling and involvement from notification to final payment. Norwegian Hull Club encourages teamwork together with the Assured and the broker.
Our world-leading contingency support and operational intelligence services are developed from handling some 2,500 claims every year. We organise a wide variety of loss prevention activities for both ship and shore-based staff, sharing experience from actual incidents, aimed at improving industry best practice.