Corvus Insurance, a Boston-based InsurTech company, today announces the expansion of its product line with Smart Cargo + CyberTM, an offering that allows brokers and their policyholders to achieve clarity around cyber coverage for their Ocean Cargo Insurance policies, overcoming "silent cyber" risks posed by cargo insurance policies that do not affirmatively cover cyber. With the product's launch, the company now offers the industry's broadest coverage for Ocean Cargo Insurance. Corvus writes Smart Cargo + Cyber on behalf of Argo Group and targets life science, pharmaceutical, beverage (including wine, spirits, soda and water), and food products for manufacturers, distributors, wholesalers, importers and exporters, and related logistics businesses.
In addition to a full set of Smart Cargo Insurance® coverages, Smart Cargo + Cyber provides coverage for Business Interruption and Contingent Business Interruption arising out of Cyber Perils that attack logistics operations and IT Assets of policyholders. Corvus also provides coverage for goods that are stolen or damaged as a result of a Cyber attack that misdirects goods away from the intended recipients. These coverages are specifically crafted to fill a gap in coverage between what is provided by a standalone Ocean Cargo Insurance policy and by a standalone Cyber Insurance policy.
"Insurance regulators have been demanding that commercial insurers clarify their position around cyber perils that haunt non-Cyber Insurance policies. Corvus now offers the first broad-based solution to this "silent cyber" problem that looms over the commercial insurance industry," said Philip Edmundson, founder and CEO of Corvus. "With Smart Cargo + Cyber, brokers and policyholders will know they are covered for cyber risks in the exact areas where these companies are most exposed in the event of a breach or cyber attack."
To underwrite its Smart Cargo + Cyber Insurance policies, Corvus uses a proprietary, non-invasive scan to assess the IT security performance of any organization. Analyzing those inputs against its proprietary Cyber Hack database, Corvus uses the findings of the scan to produce a Corvus Score that drives its underwriting process. For prospective policyholders that have the best Corvus Scores, Corvus offers insurance against cyber perils with competitive prices and broader coverage.
Like the company's full Smart Cyber Insurance® products, the new policy will include Dynamic Loss Prevention® reports, with both transparent underwriting and ongoing assessments of an organization's cyber risk exposures. Corvus creates a risk score for each account, analyzing numerous IT security domains in order to both underwrite risk and to provide added value throughout the policy year. Corvus also provides cyber insurance benchmarking and other business intelligence to brokers and policyholders.
ABOUT CORVUS INSURANCE HOLDINGS, INC. Corvus Insurance is an InsurTech MGA offering Smart Commercial Insurance® policies paired with easy-to-use tools to reduce risk, prevent claims, and improve the commercial insurance experience.
With Corvus's Smart Cyber Insurance® and Smart Cargo + CyberTM policies, rich sets of data are gathered and analyzed with the help of AI to instantly and accurately assess risk, informing underwriting. The company's Dynamic Loss Prevention® Reports provide actionable recommendations to mitigate risk and prevent claims over time, including real-time threat monitoring, while the company's CrowBar® platform provides on-demand access to policy information, claims reporting, loss prevention recommendations, and business intelligence.
Smart Cargo + CyberTM policies are distributed by Corvus on a Managing General Agency basis with its partner, Argo Insurance Group (Best's Rated A, by A.M. Best). Policies are distributed through major insurance brokerage firms across the United States.
Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts. The company's investors include Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD. Argo Group International Holdings, Ltd. is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group'sU.S. insurance subsidiaries are Standard and Poor's-rated 'A- '(Strong) with a positive outlook. More information on Argo Group and its subsidiaries is available at http://www.argolimited.com.