Cowbell offers a portfolio of cyber policies including coverage for businesses with revenue from up to $100 million to up to $250 million.
PRODUCT: Adaptive Cyber Insurance.
COMPANIES: Cowbell Specialty Insurance Company.
AVAILABILITY: The product will be available at the beginning of 2023 to appointed agents and brokers.
FOCUS: Cowbell announced the debut of its Adaptive Cyber Insurance product with the news that it is also launching a subsidiary, Cowbell Specialty Insurance Company.
Cowbell's adaptive cyber insurance transforms cyber coverage from a static offering to a dynamic one, adaptable to the threats of both today and tomorrow. Policies can now evolve more frequently than yearly to remain aligned with the policyholder's cyber exposures, avoid coverage gaps and bring full transparency into renewal terms throughout the policy period.
Driven by strong incentives, policyholders are empowered to improve their organization's cyber risk profile to avoid potentially disastrous financial losses or reputational damages.
COVERAGE DETAILS: Cowbell offers a portfolio of cyber policies: Prime 100, which is for businesses with up to $100 million in revenue; Prime 250, which is for businesses with up to $250 million in revenue and Prime Plus, which is an excess product and Prime Cloud, dedicated to businesses running their digital operations in the cloud. Prime 1000 will be available in early 2023 with full adaptive cyber insurance capabilities.
Available coverage includes security breach expense, replacement or restoration of data, loss of income, public relations expenses, security breach liability, funds transfer fraud, social engineering, ransom payments, post-breach remediation, hardware replacement costs, telecommunication fraud, and website media content liability among others.
Other liability costs for California Consumer Privacy Act (CCPA) and General Data Protection Regulation (GDPR) fines, as well as other contractual damages, may be covered by one of the three products. Other unique first-party losses, such as bricking costs, cryptojacking and criminal reward costs, are also covered.
UNDERWRITING: Driven by artificial intelligence, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than five minutes.
TARGET: Designed for businesses with up to $1 billion in revenue.
COVERAGE AVAILABILITY: All 50 states on an admitted- or surplus lines-basis, depending on the state.
CONTACT: Isabelle DuMont, senior vice president of marketing & technology partners, Cowbell.
Will Jones is IA editor-in-chief.