Breaking Coverage News
Evolve MGA unveils cyber coverage specifically
for retail insurance agencies.
SAN RAFAEL, CA – Since our founding in 2016, Evolve MGA has worked exclusively with retail insurance agencies. We’ve had a front row seat to your unique needs, and have been working in the background to build the ideal coverage solution specifically for retail insurance agencies. Beginning February 2nd, Evolve is proud to offer an Insurance Agency Endorsement, strengthening cyber coverage where retail insurance agencies were hit the hardest in 2020, business interruption.
What is covered on the insurance agency endorsement?
Business Interruption Built for Insurance Agencies: Many times business interruption sections in cyber policies are ambiguous, unclear, an restrictive. We’ve endorsed our cyber policy to specifically pick up the major elements of loss that an insurance agency would experience if their operations were stopped due to a cyber-attack. This includes lost insurance commissions from new business and renewals, and your inability to work with new clients.
Contingent Business Interruption for Agency Management Systems: On top of this, we specifically include dependent business interruption coverage for the insurance agency management systems you rely on for all business operations. For example, in the event Applied Systems has an outage lasting longer than 6 hours, insurance agencies can claim a business interruption income loss. Evolve has endorsed 17 different agency management systems to cover all of the major providers across the insurance industry.
Why is this so important in 2021?
In 2020, ransomware attacks spiked 715% according to the leading cybersecurity firm, BitDefender. In fact, ransomware extortion demands increased to $178,254, up from $10,000 in 2019, due to a brand new type of ransomware attack known as double extortion. In double extortion attacks, hackers locate financial documents to calculate their extortion demand and extract as much personally identifiable information as possible to resell on the dark web. In the vast majority of double extortion attacks, a portion of critical business data is rendered obsolete, even after the extortion has been paid.
Other Notable Coverage Highlights
In addition to the agency-specific coverage outlined above, all Evolve policyholders benefit from the following points of coverage:
24/7 Incident Response Hotline ($0 Deductible)
Unlimited Reinstatement on all 1st Party Coverage (No Aggregate)
Management Liability/Cyber-Triggered D&O
Theft of Personal Funds for C-Level Employees
Access to Evolve’s 6 Free Risk Management Services
Each policyholder at Evolve has exclusive, free access to six cybersecurity risk management vendors that retail at $6,000+ in the market (read our full white paper here).