Underwriting agency Dual has introduced a $250,000 sub-limit for social engineering, phishing and cyber fraud under its cyber product.

“The cyber risks society faces are constantly evolving, where an exposure such as this was not even identified two years ago,” Dual says. “This cover will now be excluded under a [management liability] policy because we believe this exposure is more appropriately dealt with via a cyber policy to ensure a seamless cyber cover.”

Dual has also reduced minimum premiums on its standalone cyber offering for businesses with less than $3 million annual turnover.

“These changes have been made to ensure we continue to improve new business take-up of cyber policies for this particularly price-sensitive section of the market,” Dual says.

Broker commissions on Dual’s management liability product have been cut by 2.5%.