Specialist underwriting agency Emergence Insurance has bolstered its cyber coverage and introduced free advisory services under its core policy.

The excess for insureds with less than $25 million turnover has also been dropped.

CEO Troy Filipcevic says Emergence’s dynamic approach to policy wording reflects an ever-changing market.

He says with the benefit of nine years of underwriting and claims data, Emergence has simplified the number of underwriting questions required on cyber exposures while its broad risk appetite is unchanged. 

Emergence, which launched in New Zealand last May, says cyber threats change so rapidly it is vital for wording to be continually enhanced.

New features in its policy include automatic coverage for business interruption caused by a cyber event in an IT contractor’s operation, and business interruption cover for system failures.

There is also cover for response costs if a cyber incident occurs in an IT contractor or data processor’s businesses; cover for push payment theft; an increased sublimit under the optional cover for tangible property; and a new optional cover for directors’ and officers’ claims.

Policyholders can access free consultation with a cybersecurity analyst, an incident response plan and other template documents, 24/7 scanning of internet-facing infrastructure, and dark web monitoring.

Brokers can quote and bind risks with an annual turnover of up to $75 million on the Emergence underwriting portal, while larger risks go to the underwriting team.