Active Insurance Provider to Expand Cyber Offering to Include MPL by Endorsement
San Francisco, CA (Jan. 30, 2024) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce it now offers Miscellaneous Professional Liability (MPL) Insurance. This coverage helps protect against the impact of a claim that a business committed errors and omissions in performing a professional service.
Coalition’s MPL Insurance coverage is available by endorsement to Active Cyber Insurance policies through existing capacity providers for a wide range of industries to cover defense costs, settlements, judgments, and other claims-related expenses.
“The professional services industry is rapidly expanding – projected to grow more than 6% over the next four years – because it plays a critical role in almost every type of business,” said Shawn Ram, Coalition’s Head of Insurance. “It’s so important for these organizations that are embedded in the fabric of the business ecosystem to be protected against liability associated with committing errors and omissions.”
Coalition’s streamlined Active Risk Assessment makes securing Cyber and MPL Insurance coverages easier, with only around ten supplementary data points required to quote an endorsement. Brokers can save time by adding MPL to existing Coalition Cyber Insurance quotes and offer their clients a cost-efficient way to add MPL protection to their cyber coverage package.
“Instead of going to multiple insurers or working with multiple underwriters, brokers can come to Coalition for quotes for Cyber and MPL coverage,” Ram added. “It can be incredibly difficult to manage claims that involve Cyber and MPL coverages with separate carriers. By providing both coverages, brokers and insureds can manage their policies – and any claims that occur – in one place, making the process of getting business back up and running as smooth as possible.”
Learn more about Coalition’s MPL Insurance coverage.
Coalition is the world’s first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition’s Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs. For more information, visit www.coalitioninc.com.
Insurance products are offered by Coalition Insurance Solutions Inc. (“CIS”), a licensed insurance producer and surplus lines broker with its principal place of business in San Francisco, CA (Cal. license #0L76155), acting on behalf of a number of unaffiliated insurance companies and available on an admitted basis through Coalition Insurance Company (“CIC”) a licensed insurance underwriter (NAIC #29530). Insurance products offered through CIS and CIC may not be available in all states. CIS may receive compensation from an insurer or other intermediary in connection with the sale of insurance. All decisions regarding any insurance products referenced herein, including approval for coverage, premium, commission, and fees, will be made solely by the insurer underwriting the insurance under the insurer’s then-current criteria. All insurance products are governed by the terms, conditions, limitations, and exclusions set forth in the applicable insurance policy. Please see a copy of your policy for the full terms, conditions, and exclusions. Copyright © 2023. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc. or its affiliates.
SOURCE: Coalition via Omnia PartnersTags: Coalition Inc., errors & omissions, InsurTech, InsurTech Spotlight, launch, liability