Cyber insurance startup Coalition launched new coverage designed to address emerging risks such as the Internet of Things faced by real estate developers, property managers and other related businesses.
Backed by Swiss Re Corporate Solutions and Argo Group, Coalition provides up to $10 million of cyber and technology insurance coverage in all 50 states and the District of Columbia. Its cyber risk management platform offers automated security alerts, threat intelligence, guidance and tools.
Features of Coalition for real estate include:
- Risk assessment: Coalition’s underwriting platform utilizes tens of thousands of data points to assess the risk surface of a company or smart building, including a review of exposed IoT devices. Risk assessments are made available to all clients and include remediation assistance.
- Premium discounts: Existing security controls and measures are taken into account automatically during the underwriting process and may result in a reduction of the policy premium.
- Bespoke policies: All Coalition policies can be customized to the specific exposures of a firm or building, including coverage for data breach, bodily injury, property damage and pollution in the event of a security failure. IoT devices are affirmatively covered across all coverages.
- Coalition apps platform: All policies include several cybersecurity tools available at no additional cost.