My New Markets

October 21, 2019

Cyber – Small to Mid-Sized Businesses

Market Detail: Plum Insurance’s (www.pluminsuranceservices.com) has a new in-house underwriting Cyber Risk Program for small- to medium businesses (SME’s). This market segment comprises the majority of businesses in the U.S. and remains the most vulnerable to cyberattacks. Yet, according to recent studies, more than 50 percent of these businesses do not have cyber risk insurance and will face the full impact of a cyberattack and its financial, regulatory and reputational consequences. They may be one cyberattack away from going out of business. Available coverage (primary only) includes: data breach response costs; network security, privacy & data breach liability; regulatory liability; cyber business interruption; data restoration costs; cyber extortion; multi-media liability; PCI fines & assessments; computer hardware cover (bricking); system failure business interruption; contingent system failure business interruption; reputational harm; social engineering; cyber contingent business interruption.

Also available: Complimentary access to e-RiskHub cyber risk management portal powered by NetDiligence, including creach coach, incident roadmap, cyber tools, learning center, security training, phishing training, risk manager tools, news center and more. Target classes include: manufacturing; construction; retail; nonprofits; education; small government; professional services (lawyers, real estate; insurance; transportation; hospitality and more. Submission criteria needed: cyber risk insurance application; minimum three years in business; no new ventures; U.S. operations only; maximum annual gross revenue considered $250 million; no technology or technology related risks. Plum’s SME in-house underwriting authority cyber program is available exclusively through duly licensed and appointed surplus lines wholesale brokers. Coverage and limit availability under the SME cyber risk in-house underwriting authority program may vary by account and state. Some coverages and limits above are available to selected accounts only via endorsement.

Minimum $100,000, maximum $10 million

Carrier: Unable to disclose, nonadmitted

States: All states

Contact: Rocio Orta at 818-254-9474 or email: rocio@gotoplum.com

Ghost Policies for Workers’ Comp a.k.a. ‘If Any’ Policies

Market Detail: Omega Insurance Solutions’ (www.omega4agents.com) Ghost Policy Program is available to quote online. “If Any” policies are available for contractors who are sole proprietors without employees or owner-only corps or LLCs that have no employees and active officer exemptions, and no plans to hire employees. (No roofers, loggers, towing or demo contractors) HOAs are welcome for an If Any WC policy. An “If Any” policy will cover an unexpected uninsured sub-contractor. This is a legitimate WC policy; no payroll reporting required. IAgents issue certs as usual. Fast quotes and binds are annual pay only.

Available limits: Maximum $1 million

Carrier: Cimarron Insurance Co.

States: Ala., Ariz., Ark., D.C., Ind., Iowa, Ky., La., Md., Miss., Mo., Mt., Neb., Nev., N.M., Okla., Ore., S.C., S.D., Tenn., Utah, and Wash.

Contact: Keith Steverson at 866-997-0711 or email: keith@omega4agents.com

National Mobile Home Park Insurance Program

Market Detail: California Southwestern Insurance Agency (www.csia-inc.com) has more than 45 years of experience in underwriting and insuring mobile home parks and can develop a custom insurance package to meet the needs of almost any mobile home community owner. The Mobile Home Park Program is designed to address the risks and exposures of mobile home park owners and operators. Program highlights include: debris removal — refer to endorsement for specific limits; supplementary payments — including plaintiffs’ attorneys fees; business income coverage for mobile home parks.

Available limits: As needed

Carrier: Liberty Mutual

States: All states except Fla. and Hawaii

Contact: Bill Joseph at 800-352-0393 or email: bjoseph@csia-ins.com

Affluent Personal Insurance

Market Detail: Burns & Wilcox (www.burnsandwilcox.com) offers multiple coverage options for high-net worth risks, including: high-value home coverage; high-value automobile coverage; secondary home coverage; seasonal and tenant-occupied home; umbrella; personal articles floaters; and yacht coverage.

Available limits: As needed

Carrier: Unable to disclose, admitted and nonadmitted available

States: All states

Contact: Burns & Wilcox Marketing at 248-932-9000. Email: quote@burns-wilcox.com

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Insurance Journal West October 21, 2019
October 21, 2019
Insurance Journal West Magazine

Insurtech; Markets:Habitational / Dwellings, Commercial Property