AXA XL’s North America Construction business is launching custom built insurance for a new class of construction business – highly protected projects. Cowbell Cyber, which uses artificial intelligence to sell cyber cover for small to mid-sized businesses, launched a new coverage option designed to address multiple kinds of cyber incidents at once.
AXA XL’s North America Construction business is launching custom built insurance for a new class of construction business – highly protected projects.
The cover is designed for construction projects that fit the category due to their use of technologies designed to reduce project risk.
Construction projects eligible to attain AXA XL’s HPP status and specialized insurance include Health Care, Commercial Office, Higher Education and Manufacturing/Processing construction projects valued at $200 million or more. The project must show implementation of technology that can as an example, mitigate water damage, detect unhealthy or unsafe environmental conditions, monitor onsite safety, aid in subcontractor prequalification or support project scheduling.
Cowbell Cyber, which uses artificial intelligence to sell cyber cover for small to mid-sized businesses, launched a new coverage option.
Called Prime 250, the product is pitched as the first cyber insurance program of its kind that provides a set of coverages addressing the diversity of incidents possible under the “cyber” category.
As a standalone cyber insurance offering, Prime 250 addresses specifically each type of cyber incident with 25 coverages designed to bring clarity, while removing traditional barriers known to plague the cyber insurance world including one-size-fits-all policies, lengthy paper-based applications, and binding delays. Highlights of Prime 250 include: clarity of coverage, policy customization with speed and process simplicity, and transparency.
Insurance premiums for Prime 250 are anchored in Cowbell Factors (risk ratings) and dynamically derived from 400 data points and security observations collected about each policyholder in addition to class of business and company size. Written on AM Best “A” rated admitted paper, Prime 250 is currently filed as an admitted cyber insurance program in 33 states.
Sources: AXA XL, Cowbell Cyber