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CRC Group rolls out Insurisk Cyber single-form policy
The new program targets firms up to $1 billion in revenue, with aggregate limits up to $5 million plus a separate $5 million breach response tower.
CRC Group has launched Insurisk Cyber, a single policy form that bundles cyber liability, technology errors and omissions (E&O), and miscellaneous professional liability (MPL). The company announced the product on Sept. 22 and said it is designed to address overlapping technology, cyber, and professional service exposures that are often written on separate forms with different carriers, according to Insurance Business.
Insurisk Cyber is intended for insureds with up to $1 billion in revenue, with aggregate limits up to $5 million. The program also includes a separate $5 million breach response tower outside those limits, social engineering limits up to $1 million, a minimum premium of $700, and a minimum retention of $1,000, based on the insurer's online product sheet.
CRC said the coverage responds to different loss types, with cyber liability for events such as data breaches, ransomware, and network security incidents, technology E&O for technology products or services that fail to perform and lead to financial loss, and MPL for errors in professional services outside traditional professional lines like law or accounting.
Insurance Business reports that the program is sold through CRC's exclusive Insurisk platform, led by paper rated A- or better by AM Best, and is backed by broker-focused features. Alex Bonds, president of Insurisk, said the product was built with brokers in mind and includes active threat monitoring at no extra cost and discounted access to cyber risk management tools including secure software development monitoring, ransomware and data theft monitoring, and employee security awareness content.