Ask Your Peers  Need a Cyber Liability Market for Software product company 

Hey everyone
I have tried all my available options for a "Proprietory" software developer. According to a new contract, they are requiring $15 Mil Cyber Coverage. I currently have an offer from CFC offering a $5 Mil Tech E&O/ Cyber Product, and then a Lloyd's program agreeing to do the excess $5Mil just over the Cyber Liability portion. But this is a "no buy" for the Insured's client. They need the complete $15 Mil. We have already tried Hiscox, Beazley, Markel. Standalone Cyber markets won't go over the CFC policy. And I can't get the Broker to quote a $15 Mil standalone Cyber. Please help.

Best
Heena Jeendgar, CPCU, AIS

I've found that a contract from the client showing the demanded amount is helpful. I just did a $5 plus $10 for a finance company that was not a startup (which is a problem because you can't show revenue) Sometimes the client needs to be educated, as well. Just because they ask for it doesn't mean they really need it once you've had a conversation. Especially for a one man developer. I don't care what he's working on..the exposure can't be anywhere near that amount. But, you're a CPCU AIS you already know all this. Apogee and RPS have been good at finding this kind of thing in the past.

Gateway Specialty Insurance would be interested in reviewing your submission for a quote. Please send me your submission!

Anthony Vellutato
AU, AIDA, ASLI, AIS, ACS, AIT, AINS, AIM, RPLU, CPCU
Second Vice President / Marketing Manager
Gateway Specialty Insurance
Phone: 877-977-4474 ext. 7044
[email protected]

Henna,

We should be able to help. Just quoted an account that was required to carry $25,000,000 in limits and we put together a layered program.

E-mail me at [email protected]

Kenneth Kukral, CIC
440-725-4291

Try EvolveMGA.com. They do nothing but cyber.

@Larry - You are right. We did present Contract requirements with the submission. But the draft contract only showed $10 Mil Cyber, and then Insured had an email request from their Client that the final contract wording will have a $15 Mil Cyber requirement. This is not a 1 man company. :)
@ Anthony @Kenneth @TeEvans - Thank you for your response. Will rush the submisison to you.

Bets
Heena