Cyber insurer Coalition has introduced new offerings to its executive risks product lines – crime and fiduciary liability insurance – through a collaboration with Zurich North America. Both new insurance products adhere to Coalition’s unique ‘active insurance’ approach, designed to prevent cyber risk before it even strikes.
Coalition’s crime insurance product will help protect organizations from criminal activity, whether committed externally by third parties or internally by their own employees. In designing the product, Coalition took into consideration the fact that most cyber and cybercrime attacks are still executed via social engineering.
The new fiduciary liability insurance tackles negligence and mismanagement of benefits plans, which could lead to unnecessary fiduciary liability claims. The offering will help clients manage risks related to their employees’ benefits plan, with new policies having the option of including excessive fee coverage, settlor coverage, and an array of covered civil penalties.
Negligence and mismanagement of benefits plans can lead to fiduciary liability claims. Coalition’s new Fiduciary Liability Insurance helps businesses manage their risks related to their employee benefits plans. New policies may include excessive fee coverage, settlor coverage, and a comprehensive list of covered civil penalties.
D&O and EPL: meet Fiduciary and Crime
— Coalition (@SolveCyberRisk) January 31, 2023
We’re happy to enhance our suite of Executive Risks products to help small businesses holistically manage their risks. Learn more: https://t.co/o1XLmow6Uk pic.twitter.com/Xt0R1ASVf0
“Today’s crime and fiduciary liability threats are digital, fast-moving, and potentially devastating for any business,” said Coalition’s head of executive risks Patrick Mitchell. “Like cyber incidents, these risks can be triggered by internal or external threats, including theft, negligence, and human error. With Coalition’s active insurance approach, brokers can take proactive steps to help small businesses identify and mitigate risks related to losses tied to fiduciary liability and crime exposures.”
The new crime and fiduciary liability insurance products are automatically integrated into Coalition’s streamlined digital application process, supporting brokers and their clients towards a smoother quote and bind experience.
The insurer’s suite of executive risks products, including its directors and officers liability (D&O) insurance and employment practice liability (EPL) coverage, have also been built for every broker’s ease of customization. Coalition gives brokers a risk assessment with every quote to prepare them for risk management conversations they may want to have with their clients. At the same time, Coalition’s product design allows brokers to customize coverage to address specific crime and fiduciary liability risks in addition to the usual policy limits and retentions.
“Coalition’s industry-leading turnaround time for generating quotes is one of the principal reasons for our high success rate binding new business,” said Mitchell. “Our risk engineers are incredibly responsive and focused on extending our mission to protect the unprotected. I am thrilled with our progress and efforts to continue growing Coalition’s executive risks offering.”
