AXA XL has launched a new cyber insurance endorsement specifically for construction companies in the United States, aimed at addressing the industry’s increasing vulnerabilities to cyber threats. The endorsement offers coverage for various issues, including reimbursement for lost income due to cybersecurity breaches that prevent bid submissions and liability for damages arising from such attacks. This initiative reflects the growing dependence of the construction sector on digital tools and technology, which heightens its exposure to cyber risks. The tailored policy includes features such as coverage for Building Information Modeling software, downstream contractual penalties, and protections against privacy violations related to drone usage.
