Coalition, a San Francisco-based network management general agent and cybersecurity company, has announced it will offer expanded network coverage in Canada.
The alliance says its “proactive cyber policy” expands protections for Canadian organizations facing rapid ransomware attacks, artificial intelligence fraud and increasing regulatory scrutiny.
It incorporates the Alliance’s most popular recognition into its basic form and introduces clear financial incentives for businesses that invest in proactive risk management. (Editor’s note: Quebec does not offer a proactive cyber policy and the province will use the Federation’s existing policy form.)
“Canadian businesses need a cyber insurance policy that helps them feel confident navigating an increasingly complex and rapidly changing digital threat environment,” said George Bozanin, Canada head of Coalition, in a statement. “Active Cyber policies provide broader, market-leading coverage that is both easier for brokers to interpret and easier for policyholders to implement, creating better value and results.”
Proactive Cyber Policies include a more flexible policy structure, including optional individual limits on breach response costs and unlimited recovery for eligible businesses, ensuring maximum protection even after multiple cyber incidents. The Alliance’s proactive cyber policies also reward security-conscious businesses, directly linking better security practices and rapid response to lower out-of-pocket costs.
Key enhancements to Proactive Network Policy include:
- Artificial Intelligence and Deepfake Coverage: Explicit coverage of AI-driven attacks, including malicious use of AI technology, machine learning vulnerabilities, and deepfake-enabled social engineering in Funds Transfer Fraud (FTF) incidents.
- Reduced retention of early FTF reports: FTF incidents reported within 72 hours have lower retention rates, incentivizing rapid incident reporting to increase the likelihood of recovering stolen funds.
- Unlimited Recovery: Policy limits automatically reset for each individual event, helping to ensure that one large claim does not exhaust coverage for subsequent events during the policy period. (Note: These are provided upon request from qualified businesses with revenues under $100 million and are subject to policy terms, conditions and exclusions).
- Disappearing retention: Over time, policyholders can reduce retention by remaining claims-free and remediating critical cybersecurity issues identified in alliance controls, directly linking better cybersecurity practices to lower out-of-pocket costs. (Note: This is offered upon request to qualified businesses with less than $100 million in revenue and is subject to policy terms, conditions and exclusions).
- Extended Contingent Business Interruption: Covers business interruption losses when a non-IT provider experiences a security or system failure that disrupts the policyholder’s operations.
- Optional separate limit for breach response costs: Flexibility to treat breach response costs as a separate limit, retaining the primary policy’s full limits on other potential claims.
- $0 Reserved When Using Coalition Incident Response (CIR): Policyholders pay no out-of-pocket costs for digital forensics and incident response services when they use CIR, removing a critical barrier to rapid reporting and decisive action.
The proactive cyber policy applies to organizations in Canada (excluding Quebec) with annual revenue of $5 billion or less, up to a maximum of $20 million. (For Quebec organizations, quotes and policies will continue to be issued as existing policies.)
All new business and renewals quoted on or after March 10 will be posted on the new form. Brokers can receive quotes in minutes through Coalition’s broker platform or by emailing a complete application to submissions@coalitioninc.com.
Source: Alliance
Related:
theme
cyber canada
Is this article valuable?
Here are more articles you might like.
interested in network?
Get automated alerts on this topic.
