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 ‭(Hidden)‬ Catalog-Item Reuse

CoverWallet, an Aon Company, Launches Cyber Product

The policy enables clients to access a wide variety of cyber liability coverage options over a broader spectrum of classes.
Sponsored by

PRODUCT: Axis Cyber Liability Insurance from CoverWallet for Agents

COMPANIES: Axis Capital and CoverWallet for Agents

BEST RATING: A

AVAILABILITY: The product is available exclusively on the CoverWallet for Agents platform. Any agent who registers with the CoverWallet for Agents platform has access to all the products offered.

FOCUS: CoverWallet for Agents built an award-winning platform to solve pain points and make commercial insurance more efficient across the industry. As part of Aon, CoverWallet for Agents leverages technology, data science and design to provide independent agents with the fastest and easiest way to quote, bind and service customers online.

“Our partnership with Axis Capital allows our clients to access a wide variety of cyber liability coverage options, over a broader spectrum of classes, to better protect their insureds in this new digital age—increasing cross-selling opportunities and improving client retention," says John Wales, general manager of CoverWallet for Agents. “Cyber liability can be a difficult market for independent agents to place on their own, but this exclusive product will make it easier than ever for independent agents to quote and bind this policy through our platform," Wales adds. “Our new offering will help agents protect their small business clients from existing and emerging risks with robust cyber and errors & omissions coverage."

COVERAGE DETAILS: Up to $25 million limits are available in over 800 classes. The policy provides robust first- and third-party coverages for privacy liability, enterprise security event liability, privacy regulatory liability, media liability (online and offline), crisis management and fraud prevention expenses, ransomware loss, social engineering fraud, telecommunication theft, invoice manipulation, cryptojacking, reputational harm, extortion threat reward and business interruption.

UNDERWRITING: All applications are easily submitted through the CoverWallet for Agents platform by submitting basic information, such as the year the business was founded, revenue, number of employees, location and industry. Additional underwriting questions are based on the National Association of Insurance Commissioners' eligibility classes, which are tailored to each specific classification.

Policy rates are typically determined by the gross revenue of the insured. In addition, insureds will not be charged any additional premium for early cancellations. This product has integrated approvals for insureds with less than $525 million in revenue.

TARGET: The product is a commercial insurance policy. Any commercial insurance agent can quote and bind the policy on behalf of their insured through our platform. Most suitable classes include retail, finance, real estate, health care, agriculture, food services and restaurants.

COVERAGE AVAILABILITY: Available in all U.S. states except Alaska and Hawaii.

CONTACT: Emily Lazration, senior content specialist, CoverWallet. For more information about how to sign up for the platform, email CoverWallet staff or call 347-202-1104.

Will Jones is IA editor-in-chief.

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Monday, October 25, 2021
Cyber Liability