Cyber Non-Physical Damage Loss of Hire Insurance (“NPD LOH”)

Following extensive discussions with shipowners from all over the world, SIGCo identified that one of their main concerns from a cyber perspective is with the possibility of a cyber-attack, be it shore or ship side, causing the vessel to go off-hire irrespective of whether the vessel suffered physical damage or not. With the Loss of Hire as consequence of physical damage following a cyber-attack already catered for, SIGCo collaborated with our partners at Lloyd’s to develop Cyber Non-Physical Damage Loss of Hire insurance (“NPD LOH”).

Why Choose SIGCo Cyber NPD LOH?
SIGCo Cyber NPD LOH is backed 100% by Lloyd’s Underwriters and is designed to safeguard shipowners' revenue during periods when their vessels are unable to trade as a consequence of a malicious cyber event originating from either a direct on-board incident or a shore-side event impacting either the insured’s or outsourced service providers’ networks, disrupting normal operations. This new cyber coverage is different from our existing Cyber physical damage related products, as it focuses solely on the revenue generating impact of a qualifying cyber event, where the loss of hire has not resulted from physical damage to an insured vessel. This product offers flexible coverage on a fixed and agreed basis, ensuring shipowners can effectively manage their unique cyber insurance needs at an affordable price.

The SIGCo Cyber Non-Physical Damage Loss of Hire Insurance Wording v2-25Nov24 can be found here.

How to Apply:
Shipowners wishing to purchase Cyber NPD LOH should have their insurance broker contact SIGCo using the details provided. SIGCo will provide the application form which will help us to collect essential details about the fleet, vessel, and desired level of coverage. A brief questionnaire will also need to be completed which will us to better understand the cyber risk mitigation measures the client currently has in place. SIGCo’s experienced team is always ready to guide clients through the application process and answer any questions that arise.

The Cyber NPD LOH Application form can be downloaded in excel by clicking on the link: Application form.

The Cyber NPD LOH Questionnaire can be downloaded in excel by clicking on the link: Questionnaire form.

Introduction of New Cyber Package Discount:
To enhance the value proposition, SIGCo introduces financial benefits for clients bundling Cyber NPD LOH insurance with Cyber PD LOH insurance cover. This new discount can also be combined with the existing rewards for SIGCo COFR members, allowing each vessel with an active SIGCo COFR guaranty to qualify for additional savings. This way, shipowners can secure comprehensive coverage while taking advantage of significant cost benefits.