c-Market has formed a strategic partnership with Risk Cooperative and Ridge Global (RCRG) to develop a cyber liability solution that will fortify U.S. businesses and communities against cyber crime.
The new solution, “c-Assure” will provide up to $10 million in stand-alone cyber insurance coverage backed by Lloyd’s via a simple application and fast-track approval, leveraging RCRG’s proprietary evidence-based underwriting model.
Firms that demonstrate good cyber hygiene and standards of care, are no longer forced to be dependent upon insurance programs that treat all risks the same. With this unique risk-transfer capability, RCRG introduces fast access to customizable cyber insurance solutions to the c-Market. For coverage limits greater than 10 million, RCRG works with its extensive network of insurance markets and partners, and is able to design customized solutions for coverage limits in excess of $100 million
The RCRG evidence-based underwriting model improves the terms of coverage for those firms that demonstrate steps taken to reduce risk through implementing certain governance, technology, and education measures. The comprehensive c-Assure solution offers cyber liability benchmarking and access to a full-suite of cyber resiliency capabilities.
According to the Insurance Information Institute’s 2015 cyber writings report, the U.S. share of stand-alone cyber policies remains a small 5% of the cyber insurance market, when compared to bundled products. RCRG’s unique cyber insurance facility enables customization through channel partnerships and unmet market needs such as pre-investment due diligence, catastrophic stop-loss programs, and resilience-by-design at the product, service or software layers.
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