IIAA Agency Administrative Services, Inc. is the entity behind Big "I" Markets. As a national licensed entity, it has worked to comply with every state's cyber regulations, including the New York Department of Financial Services (NYDFS) Cybersecurity Regulation.
While compliance requires extra work, the process provided a good double-check of our approaches. One outcome was our decision to consider our sub-producers potential “service providers" under NYDFS.
As New York agents logged into Big "I" Markets over the past few months, we used that opportunity to ask them to complete a short questionnaire about their cyber practices. We were pleased to discover that a high percentage of New York agents already have a standalone cyber policy. We will be surveying our other sub-producers in other states on this issue soon.
However, despite the proliferation of cyberattacks, 85% of small businesses still do not maintain cyber insurance, according to the Council of Better Business Bureaus. Cyber insurance is a critical component of commercial coverage and an important opportunity for our agents.
This week, Big "I" Markets cyber provider Coalition rolled out its admitted product in 13 states, with more to follow. Members in AZ, CA, CO, DE, IL, MN, NC, OR, PA, RI, TN, UT and WI can now get an admitted quote for many risks. The more flexible non-admitted option also remains available.
Coalition remains a dedicated risk management partner to you and your clients. Coalition's risk mitigation apps, tools and services will be available with both products, which both have the financial backing of Swiss Re Corporate Solutions.
Note that insurance products may be underwritten by North American Specialty Insurance Company or an affiliated company, which are members of Swiss Re and rated A+ by A.M. Best.
But what are the differences between Coalition's admitted and surplus lines policies? The admitted policy includes:
- Breach response services. Coalition provides in-house risk mitigation to all policyholders, admitted and non-admitted. But the admitted policy form defines these services and confirms they are outside the limits with a $0 retention.
- Securities and Exchange Commission privacy action coverage. This coverage is available by endorsement on the surplus lines product, but it is built in to the base form on the admitted product.
Technology errors & omissions coverage is not currently available in the admitted policy in any state. The following endorsements have been approved in the admitted policy for all states except Colorado:
- Breach Response Separate Limits
- Reputational Harm Loss
- Service Fraud
- Criminal Reward Coverage
- Court Attendance Costs
- GDPR Enhancement
When you arrive at Coalition's dashboard, use the chat feature to ask underwriters and cybersecurity experts questions.
Or, reach out to Carla McGee, your dedicated cyber liability program manager, at 800-221-7917, ext. 5495 if you have any questions or if you would like her to walk you through a quote.