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


Devesh  Pathak, Reliance Financial Services LLC DBA: BEMA Insurance  - Houston, TX 77042
Reputation: 115 - Total posts: 12
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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
3 week(s) ago
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Larry Lipman, LarryLipman - Reno, NV 89509
Reputation: 165 - Total posts: 14
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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.
3 week(s) ago
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Anthony Vellutato, Gateway Specialty Insurance - Wayne, PA 19087
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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]
3 week(s) ago
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Kenneth Kukral, International Excess - Beachwood, OH 44122
Reputation: 518 - Total posts: 94
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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
3 week(s) ago
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TeEvans, N/A - Phoenix, AZ 85028
Reputation: 397 - Total posts: 62
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Try EvolveMGA.com. They do nothing but cyber.
3 week(s) ago
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Devesh  Pathak, Reliance Financial Services LLC DBA: BEMA Insurance  - Houston, TX 77042
Reputation: 115 - Total posts: 12
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@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
3 week(s) ago
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