Big "I" Markets agents have access to unique resource—Carla McGee, dedicated cyber liability program manager. Recently, we asked her to share a few FAQs she's seeing in the field.
How can Coalition help my agency comply with the New York Department of Financial Services cybersecurity regulation?
The final phase of the New York Department of Financial Services cybersecurity regulation took effect on March 1, 2019. To assist policyholders subject to this regulation, Coalition developed a compliance spreadsheet that lists the pertinent technical and administrative details required under the rules, as well as how Coalition's services can help. To request a copy of the spreadsheet, policyholders can contact Coalition directly.
Do you have any cyber claims examples I can share with my clients?
Coalition claims examples are available on the Coalition Underwriting & Coverage page of Big "I" Markets under the Product Resources tab. Agents can also read testimonials from Coalition policyholders and brokers following real incidents and claims.
I read a different cyber policy that "indemnifies" the insured for cyber extortion, whereas Coalition's policy will "pay on behalf of" the insured. Which is more beneficial to the policyholder?
If a carrier “indemnifies" a policyholder, the policyholder must pay the ransom upfront. Coalition's policy pays the ransom for cyber extortion on behalf of the policyholder.
What if the ransom is requested in bitcoin or other virtual currency?
Coalition pays on behalf of the policyholder for cyber extortion in the form of money, securities, bitcoin, or other virtual currencies. Coalition also pays on behalf of the insured for other important first-party coverages, such as funds transfer fraud, payment card industry fines and penalties, and digital asset restoration.
Direct all your cyber coverage questions to McGee, who can also help with efficient bulk quoting for your entire commercial book.
To learn more about Coalition's mission to solve cyber risk and begin quoting business today, log in to Big “I" Markets and select Cyber Insurance – Coalition from the Commercial Products menu.