AI-powered cyber insurance provider for small to mid-sized businesses, Cowbell Cyber, has announced the availability of its excess cyber coverage line, Prime Plus.
This new line of insurance offers businesses up to $1 billion in revenue access to an additional $10 million in excess limits.
Prime Plus provides organisations with additional financial protection while giving them access to risk management services to assess, understand, and improve their risk profile.
With cyber-crime, ransomware and social engineering attacks on the rise, security priorities are being reshuffled. The request for additional financial protection confirms businesses’ increased interest in additional capacity and the need to build a tower of insurance.
Prime Plus is written on Obsidian Specialty AM Best “A-” rated paper and backed by prominent reinsurance partners.
The excess line complements Cowbell’s flagship admitted programs, Prime 100 and Prime 250, currently available in 35 states and targeted at businesses with up to $100 million and $250 million, respectively.
Trent Cooksley, co-founder and COO at Cowbell Cyber, noted: “The trusted network of 3,000 agents and brokers who are distributing Cowbell Cyber programs nationwide have been very enthusiastic about the addition of an excess policy and surplus capabilities to our cyber insurance portfolio.
“Cowbell now has increased flexibility to tailor solutions to help keep their clients’ business protected. Our team is also excited to be able to serve 49 states with outstanding cyber coverage as we start 2021.”
Robert Hughes, Vice President, Brokerage and Risk Management at Apex Insurance Services, added: “Excess coverage can rapidly lead to lengthy policy negotiations.
“We have been impressed by the team at Cowbell for their ability to rapidly perform risk assessment and due diligence on our clients while showing flexibility in offering excess terms.”