Corvus raises cybercrime coverage limits

Insurtech firm Corvus Insurance Holdings Inc. said Friday it is increasing its limits for its broad-form social engineering and cybercrime coverages.

The Boston-based managing general underwriter said in a statement it is offering $1 million in limits to organizations its Corvus Scan, a proprietary technology that assesses organizations’ cyber risk posture, assesses as having taken the most effective steps to reduce the risk of a social engineering attack.

Corvus founder and CEO Phil Edmundson said in an interview that the MGU’s previous default limit was $250,000.

Corvus said in its statement that social engineering and cyber coverage includes coverage for losses due to activity such as phishing, spear phishing and other forms of criminal deception, which often take place via email.

Experts say insurtech companies that combine cyber insurance and technology expertise are in the right place at the right time as they fill the growing demand in the space.