The newly filed version of the policy removes aggregate limits for first-party coverages allowing per-claim limits to refresh with each new unrelated incident in a policy year.
PRODUCTS: BCS Cyber Insurance Policy
COMPANIES: Risk Placement Services and BCS Insurance Company
BEST RATING: A
AVAILABILITY: Available to appointed agents only.
FOCUS: Cyberattacks are increasing in frequency each year and 43% of all attacks are focused on small businesses, according to Small Business Trends. With ransomware claims more than doubling over the last year, the resiliency provided by a properly crafted cyber insurance policy can be the difference between recovery and financial ruin.
RPS’ National Cyber Practice consists of highly experienced brokers throughout the U.S. with extensive experience in open brokerage placements on everything from start-ups to public companies, nonprofits and public entities.
COVERAGE DETAILS: The newly filed version of the BCS Cyber Insurance Policy removes policy aggregate limits for first-party coverages, effectively allowing per-claim limits to automatically “refresh” with each new unrelated incident in a policy year. It also boasts broad business interruption limits and coverage grants.
“The BCS cyber product complements the expertise of the RPS team in that it provides a fast, yet highly comprehensive, coverage solution for our retail insurance agents and brokers who work with small to mid-sized businesses,” says Steve Robinson, National Cyber Practice leader, RPS. “The newly improved BCS cyber product is unique in that it is among the most comprehensive admitted coverage solution available in the marketplace, delivered via a system that was first-to-market and unrivaled in its efficiencies for our retailers, and it is only available from RPS.”
“Our agents tell us their close ratios on the sale of cyber policies skyrocket when they use the RPS Small Business Platform, as do their retention rates,” he adds. “This is not only good for them, it is good for their clients who need this critical coverage now more than ever.”
UNDERWRITING: Agents provide the basic information of their insured—name, address, website, industry sector, revenue—and answer four basic underwriting questions relative to information security controls and any known information security incidents they may have experienced.
MINIMUM PREMIUM: Premium depends on industry sector and size of company.
TARGET: Small to mid-sized businesses in virtually every industry segment with revenues less than $100 million. For businesses with higher revenues, submissions will be referred and RPS can assist.
COVERAGE TERRITORY: All U.S. states
COVERAGE AVAILABILITY: All states except Minnesota, Florida and Vermont.
CONTACT: Steve Robinson, National Cyber Practice leader; Risk Placement Services, Inc.; 204 Cedar Street, Cambridge MD 21613; 410-901-0704.
Will Jones is IA managing editor.