New Coalition Cyber Coverage for Real Estate Industry Targets Smart Buildings
Coalition, a technology-enabled cyber insurance provider, has launched a new cyber insurance offering specifically designed to address emerging risks, such as the internet of things (IoT), facing real estate developers, property managers, and other businesses across the real estate industry.
Backed by Swiss Re Corporate Solutions and Argo Group, Coalition provides a full suite of cyber security apps and up to $10 million of cyber insurance coverage to businesses across the real estate industry.
Features of Coalition for Real Estate include:
- Risk Aassessment: Coalition’s underwriting platform utilizes tens of thousands of data points to assess the risk surface of a company or smart building, including a review of exposed internet-connected IoT devices. Risk assessments are made available to all clients and include remediation assistance.
- Premium discounts: Existing security controls and measures are taken into account automatically during the underwriting process and may result in a reduction of the policy premium.
- Bespoke policies: All Coalition policies can be customized to the specific exposures of a firm or building, including coverage for data breach, bodily injury, property damage, and pollution in the event of a security failure. IoT devices are affirmatively covered across all coverages.
- Coalition apps patform: All policies include several cyber security tools available at no additional cost:
- Threat monitor app: identifies and alerts customers to new IoT devices on their properties and networks that are exposed on the internet, and
- Patch monitor app: scans for out-of-date software, and alerts customers when new vulnerabilities, updates, and patches are announced,
- Among other apps.
- Security expertise: Coalition’s team of security specialists proactively assist policyholders and help ensure resiliency in the event of a cyber security failure.
Coalition combines insurance and cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by Swiss Re Corporate Solutions and Argo Group, Coalition provides companies with up to $10 million of cyber and technology insurance coverage in all 50 states and the District of Columbia. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, guidance, and tools.
