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AXA XL announced the launch of a new cyber solution designed to provide construction firms in Europe, Asia and Australia with enhanced protection against the rapidly evolving landscape of cyber threats.

Available by endorsement to AXA XL’s cyber insurance coverage, the solution includes coverage for:

• Missed bid reimbursement for income loss due to not being able to submit a bid because of a cyber security breach or system failure.
• Expanded definition of network to include building information modeling (BIM) and other construction-related software: coverage for claims or first party costs resulting from a breach or system failure on such software operated by the insured firm.
• Downstream contractual penalty coverage for loss as a result of contractual penalties due to construction and/or production delays resulting from a cyber security breach or system failure.
• Drone coverage to address privacy violations that result from the use of drones.

“Each industry faces distinct challenges regarding cybersecurity, and the construction sector is no different,” according to Carlos Rodriguez Sanz, regional product leader, Cyber, for APAC & Europe.

The construction sector is increasingly dependent on diverse digital tools and data, such as 3D models, project management platforms, artificial intelligence and Internet of Things devices, which increases vulnerability to cyber threats, he added.

“Working alongside our construction underwriters, we have developed this endorsement to tackle the specific cyber risks faced by our construction clients,” Rodriguez Sanz said.

The endorsement, launched last year in the U.S., will now be available across Europe and APAC.

Topics Cyber Europe Construction