Cowbell Product Seminar

Abimbola presented on cyber insurance relevance for SMEs, highlighting that 81% of US SMEs experienced a cyber breach in the past year. She explained Cowbell's differentiating features, including in-house cybersecurity experts, continuous risk assessment, 24-7 incident response support, and a platform offering customized quotes in under five minutes. The presentation also covered Cowbell's suite of free and discounted cybersecurity services, including their e-learning platform Kalba Academy.

 

Brayden presented on Cowbell's standalone cyber insurance offerings, explaining how they differ from traditional BOP endorsements by covering the "big three" risks: cybercrime, ransomware, and business interruption. He outlined key features of Cowbell's cyber insurance products, including customization options and value-added services like cyber awareness training and expert incident response. The discussion focused on Cowbell's flagship products, starting with Prime 100 Pro, which offers admitted coverage with limits ranging from $50K to $3 million for businesses with up to $100 million in revenue, and can be quoted, underwritten, and bound within 5 minutes through their platform.

 

Braden presented details about several cyber insurance products, including Prime 250 (a surplus lines product for larger businesses with limits of 1-5 million), Prime 1 (a new product launched April 22nd targeting middle market businesses with 1-10 million limits), and two Prime 100 products (an admitted product with A-rated Spinnaker Insurance Company paper and a Pro version with enhanced features including no waiting period). He highlighted key features of each product, including Prime 1's unique capability to offer $10 million limits and its inclusion of affirmative AI language and quantum computing exposures. Braden encouraged brokers to submit business for Prime 1, noting they had already received their first quote through a broker.

 

Braden presented two cyber insurance products: Prime 250 and Prime 1. Prime 250 is available through either Palomar or Chaucer and includes coverage for broader risks like contractual damages and contingent business interruption. Prime 1 is specifically for large companies with $250 million to $1 billion in revenue, written exclusively on Chaucer, and features unique coverages including tangible property and control group relocation costs. Both products include AI and quantum computing affirmative language in their policies.

 

Braden presented Cowbell's expanded insurance offerings, including cyber coverage with mental health support and BIPA coverage up to $250,000, as well as their new Tech E&O product which combines cyber and technology errors and omissions coverage with limits ranging from $1-5 million. Braden also announced Cowbell's partnership with Zurich to distribute their management liability suite of products, which includes D&O, EPL, and fiduciary crime coverage across 48 states with a simplified underwriting process requiring only basic company information and employee counts.

 

Braden explained the submission process for cyber and tech products, noting that all submissions can be sent either directly to the submissions inbox email or to him personally. He then introduced a new Active Assailant product being released specifically with key brokers, developed in partnership with Chaucer. The product includes comprehensive coverage extensions and features Gabriel AI for detecting threats and sending real-time alerts to first responders, along with Meryl Herzog providing 24/7 crisis management support.

 

The meeting focused on Cowbell's cybersecurity services and claims handling process. Madita outlined several complimentary services available to policyholders, including cyber risk assessments, micro-penetration testing, pre-incident claim support, cybersecurity awareness training, and dark web monitoring. Braden presented two case studies demonstrating Cowbell's incident response capabilities, including a Business Email Compromise (BEC) scenario and a ransomware attack. The presentation concluded with information about contacting Cowbell for further questions and a reminder that the webinar would be recorded and shared in the resource center.