Cyber Insurance
A cyber insurance facility for nuclear power plants
The number and sophistication of cyber-attacks is on the rise. Nuclear Power Plants (NPPs) are well protected to any risk; however, a malicious attack to the operating systems of a NPP could lead to severe impacts.
Nuclear Risk Insurers (NRI) has established a new cyber facility (CyNuC), which specifically covers the operating systems of NPPs. This facility is jointly developed by NRI and Chaucer’s Nuclear Syndicate 1176. NRI is the leading Managing Agent of Nuclear Risk globally, providing engineering and underwriting disciplines to both the nuclear industry and insurers and reinsurers. Syndicate 1176 is the largest contributor of risk capacity to NRI, is a global market leader of insurance risk and has been operating as a specialist nuclear insurer since the early 1990’s.
In summary:
Product coverage:
CyNuC covers malicious cyber-attacks on NPP operating systems, including software and hardware remediation covering property damage, clean-up costs, business interruption, and reputational damage.
Aggregate limits:
We offer maximum aggregate limits of $25m USD per Insured.
Adhere to global standards:
Underwriting will have a focus on compliance with global IT security standards.
NRI’s Malicious Cyber Facility
CyNuC will provide cover exclusively to Nuclear Power Plants (NPPs) against malicious cyber attacks:
Remedial action to software and hardware
Subsequent
property damage
Clean-up costs
Additional remediation expenses
Business
interruption
NRI is a world-class leader in civil nuclear risk insurance
Established in 1956
Working with 350 nuclear sites globally
An experienced team of experienced nuclear and construction underwriters
Combined with risk engineering experts in civil, mechanical, fire and nuclear safety operations
Additional Cyber Coverage Elements
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Property damage – repair of equipment and assets
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Breach response and data restoration costs
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Clean-up costs incurred due to the release of radioactive material
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Business interruption losses directly resulting from property damage and clean-up costs where cyber-attack causes the business to shut down
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Sector specific cyber specialists available to help control the cyber-attack
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Security failure, reputation management, additional media costs and digital asset restoration.
Outcomes
A first-of-its-kind facility, providing coverage to NPPs against malicious cyber attacks
Comprehensive coverage which addresses a wide range of potential losses
Successful alignment with global cyber security requirements set by regulators, providing credibility
Thorough risk management approach, which mitigates potential losses
Global reach and support.
Contact Information
Nuclear Risk Insurers (NRI) is the leading Managing Agent of Nuclear Risk globally. It is recognised as a leader in nuclear insurance and provides specialist solutions for civil nuclear installation property damage, machinery breakdown, business interruption, nuclear third-party liability, nuclear transport liability, cyber, and construction for over 350 nuclear sites around the world. Syndicate 1176 is NRI’s leading member and is a global market leader of nuclear insurance and reinsurance.
To learn more about our new cyber facility product
CyNuC and how we can support you, contact us at:
Michele Chiamenti
Underwriting Manager
Michele.chiamenti@nuclear-risk.com
+44 20 7621 1100
Mark Popplewell
Managing Director
mark.popplewell@nuclear-risk.com
+44 20 7621 1100