Summary

As the threat landscape evolves, so must the insurance coverage to address the changing needs of small businesses. To that end, we have made several enhancements to our Prime 100 cyber insurance policy form without affecting base rates and in response to broker feedback.

These changes will go into effect on a rolling basis as state approval is granted. The first round of filing approvals will apply to new business quotes with an effective date 12/1 + and renewal business quotes with an effective date 12/08+.
How will I know which states are impacted?
The future filing is referenced in our API response as V5 on a per quote basis. We are also working on a filing dashboard in our platform accessible to all digital aggregator partners by mid-October.
API Integration Impact:
Our development team has worked hard to ensure no code updates are anticipated for our API partners as these filings are approved. You can, however, expect a few new values in our Get Quote Details response where v5 is in use:

"initialRequestData": { "restorationOfElectronicsDataLimit": (numeric) "pciFinesAndPenaltiesLimit": (numeric) , "raterVersion": "V5"

Coverage Mapping Impact:
We believe the only substantial impact to API partner generated coverage mappings would be for partners who currently do not list Contingent Business Interruption as available within our Business Income coverage. Please reach out to discuss in further detail.

Renewal Impact:
Attached is a Sample Conditional Renewal that brokers and policyholders will receive where we are obligated to notify the policyholder of the new filing impacting their renewal. This notice is sent 68-67 days prior to the renewal date to the agent and one day later to the insured.
Supporting Documents Attached:
Product Change Document: Outlining key enhancements made to the Prime 100 policy form in the v5 refiling.
Sample Conditional Renewal Notice: notification regarding the refiling impacting the renewal.
Sample Spinnaker V5 filed Application: Note, not all filed questions are in use for the latest version. This is also the case with today's version. We are also including the version Cowbell returns via API which includes our T&Cs page.

We understand that staying current with policy changes is vital to your role and securing the best coverage for your clients. Please take the time to review these documents and do not hesitate to reach out to digitalsolutions@cowbellcyber.ai if you have any questions or require further clarification. We are available next week for calls.

Changelog

Prime100 Spinnaker Refiling - September 29, 2013

API Release Notes - June 22nd, 2023

Cowbell API Release Notes - June 7, 2023

API Release Notes - February 14th, 2022