Exclusive: TMK forms Lloyd’s consortium to lift cyber property capacity to $75 million

Capacity for Cyber Ctrl PD+ rises to $75 million from $30 million TMK PD+ Consortium comprises six carriers, Gooch tells The Insurer TMK adds perishable goods cover and says wording changes are already in force By George Abbott Oct 14 (The Insurer) — Tokio Marine Kiln has established a Lloyd’s consortium to increase capacity for its Cyber Ctrl PD+ product to $75 million from $30 million, the insurer’s deputy departmental head of cyber and enterprise risk Paul Gooch told The Insurer. The TMK PD+ Consortium comprises six carriers, including TMK, said Gooch. The product provides cover for physical damage and related business interruption losses arising from cyber events. TMK has also updated its wording to include a separate insuring agreement for perishable goods, reimbursing damaged stock at the selling price declared at inception, Gooch said. That cover does not require a computer system outage and has no waiting period. Other changes include extending contingent business interruption cover beyond IT suppliers and adding cybercrime protection, including invoice manipulation losses. The wording changes are already in force, he said. Available capacity for cyber-triggered physical da