June 8, 2017 by Tessie Sanci, Associate Editor
Brokers who work with Gore Mutual now have access to a cyber insurance product and will soon be able to offer some clients a free water sensor device to complement their insurance coverage.
The enhanced product offerings were revealed on Tuesday at the insurer’s Fast Forward event in Toronto.
Padlock, the new cyber insurance product, is currently available for small business owners. Gore worked with U.K.-based Beazley Insurance, a specialty insurer, to develop the product.
“We absolutely were on a quest to put together something comprehensive for small businesses that goes deep in terms of coverage, provides really good limits and really responds to the needs of that small business owner in terms of being affordable and easy, none of these long application processes,” said Anna McCrindell, vice president of underwriting at Gore Mutual, at the event.
A premium will cost customers less than $100 and available limits of coverage range from $100,000 to $250,000. Some of the features include coverage for lost data, lost income and financial penalties connected to the hacking. Customers can also access legal support, computer services and public relations and crisis management support to help manage the reputational aspect of a business data breach.
Gore Mutual also teased brokers with a preview of their partnership with Poland-based Fibaro, which provides smart home technology. The insurer will be the exclusive Canadian provider of Fibaro’s water detection device.
Gore Mutual is currently working on the specific details of making the product available, which is expected to occur later this year. The insurer must decide which lines of business and which customers will have access to the product, which is being designed as a free feature, said Paul Jackson, vice president of sales, marketing and distribution at Gore Mutual, to the audience of brokers.
The sensor can be connected to the customer’s smart device or used on its own. It can sense flooding or extreme temperatures. “Our view is that this is the sort of product that can enhance your customer value proposition and also create real value in terms of risk mitigation,” said Jackson.
This story was originally published by Canadian Insurance Top Broker.