Coalition launches new surplus lines cyber policy

By Isha Marathe

April 10 - (The Insurer) - Cyber insurtech Coalition has launched a new active cyber policy, which it describes as a reimagined U.S. surplus lines cyber policy with data-driven coverage, a simplified structure and more precise articulation of covered scenarios and triggers.

The 11 coverages previously provided by endorsement are now integrated as insuring agreements within the base policy, making coverage more transparent and easier to explain.

On April 15, all nonadmitted new business and renewal quotes in the U.S. will be issued on this new form. The new active cyber policy is available for organizations with up to $5 billion in annual revenue, and with up to $15 million in limits.

The new policy includes retention discounts for active risk management, reduced retention for early funds transfer fraud reporting, AI coverage and a full policy limit reset for each separate incident.

“Active Insurance is built on the predication that proactive security measures significantly reduce the frequency and severity of claims – in fact, our data proves it. And now, brokers can offer improved policy terms that enhance coverage to clients who actively participate in their cyber risk management," said Shawn Ram, Coalition’s chief revenue officer.