A Conversation with Carla McGee
Meet Big “ I ” Markets ’ dedicated cyber insurance program manager and learn what she ’ s seeing in the �eld .
With IIABA ’ s partnership with Coalition , Big “ I ” members now have access to a cyber liability program providing a free suite of cyber security tools to all policyholders helping the insured to become less vulnerable to an attack .
What are some unique features you want Big “ I ” members to know about this program ?
For the agent :
� Quote and bind coverage in less than four minutes
� Create multiple quotes in seconds
� No cumbersome applications – four main questions and an additional four questions if accepting coverage enhancements .
� Work directly with Coalition ’ s underwriters and cybersecurity experts using a chat feature for fast responses
� Claim examples readily available on Coalition ’ s website to use when discussing the need for coverage with clients
� Coverage explained in terms to easily communicate with clients
� Peace of mind knowing you offered the best solution to your client ’ s cyber risk needs
For consumers :
� Free Risk Assessments
� Free Cyber Security Tools to help prevent attacks and advice for protecting their business
� Broad policy form and unique coverages such as Phishing ( Impersonation ) and Breach Costs outside the limit
� In-house incident and crisis response team available at no additional cost to policyholders . No more waiting for insurers to coordinate and authorize resources — with Coalition , they ’ re instantly available !
� Policyholder Dashboard for policyholders to report and track the status of a claim
� This is not just a policy , it ’ s a risk management program !
What are your top three most asked questions ?
1 ) Is the cyber / data breach coverage provided in my client ’ s BOP , Package or other ancillary coverage ( i . e . E & O ) enough coverage or should I also be offering stand alone coverage ?
Coalition ’ s H1 2020 Cyber Insurance Claim Report identi�ies the top 3 most common cyber incidences as Ransomware 41 %, Funds Transfer Fraud 27 %, & Email Compromise 19 %. The report shows the average ransom demand increased 47 % from Q1 2020 to Q2 2020 to over $ 300,000 and con�irms only 13 % of claims resulted in a breach of sensitive data . Cyber liability coverage endorsements included in or added to BOP , Package or other ancillary policies may be lacking adequate limits and coverage to respond to the most common incidences .
With “ Failure to Offer ” continuing to be a leading cause of insurance agents E & O claims , your agency may be at risk if only offering data breach coverage or only offering cyber liability coverage as an endorsement .
2 ) There are so many cyber liability policies to compare , what are some policy &/ or carrier differentiators bene�ting my client ?
� Limits offered outside and separate from the aggregate limit
� “ Pay on Behalf ” provisions rather than “ Indemnify ”
� Be aware of sub-limited coverages .
� Single retention provisions rather than applying multiple retentions
� Coverages subject to a $ 0 retention & retention reduction features
� Coverage also extended to Remote Staff , Employee-Owned Devices & Bring-Your-Own-Devices
� Bricking / Computer Replacement coverage provided & extended to Employee Owned Devices
Quoting cyber liability has never been easier ! Visit www . bigimarkets . com .
Contact McGee directly with any questions : carla . mcgee @ iiaba . net or ( 800 ) 221-7917 x 5495
Carla M . McGee , CPLP , RPLU , ACSR Cyber Insurance Program Manager
� In-House Incident Response – Faster response time results in lower claim costs
� Free Risk Management Tools & Cybersecurity Education / Guidance
3 ) Is Coalition a �t for my small business clients ?
Yes ! There are no minimum premiums . Coalition will quote limits as low as $ 25K and as high as $ 15M and risks up to $ 1B in revenue . There are only 5 ineligible risks : Adult Entertainment , Casinos , Data Aggregators , Payment Processors and Cannabis growers & sellers . Coalition ’ s free 24 / 7 security monitoring , automated security alerts , employee training , and access to security experts provides small-midsized businesses with cybersecurity tools they otherwise would not have the resources to put in place .
What are agents saying ?
“ The Cyber Program really is as easy as advertised . From quote to bind takes less than �ve minutes . Very impressed !”
Thomas Rhodes , CPCU , CIC , AAI , AIC , ARM , AU , AFSB , CBIA , John Hackney Agency , Inc . Rocky Mount , NC
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