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Technology-based managing general agent Cowbell Cyber Inc. launched an excess cyber coverage line Tuesday.
The Pleasanton, California-based MGA said the Prime Plus program will offer businesses with up to $1 billion in revenue $10 million in excess limits. The coverage is offered on a follow form basis and can provide drop-down features, according to details on Cowbell Cyber’s website.
The coverage includes Cowbell Cyber’s risk monitoring and risk mitigation services.
Prime Plus is written on paper provided by fronting insurer Obsidian Insurance Holdings Inc. and backed by a panel of reinsurers, a Cowbell Cyber statement said. Obsidian launched as a Delaware-domiciled excess and surplus lines insurer in September 2020.
Cowbell Cyber launched last January offering standalone cyber insurance to small- and medium-sized companies.
As the cannabis industry expands in the United States with increasing numbers of states legalizing some production and sales, firms involved in the sector often are looking to buy insurance coverages to protect their business — including cyber liability insurance.