Frequently Asked Questions

What are the coverage limits?

Annual Aggregate Limit of $1,000,000 up to $3,000,000 and retention (deductible) applies per claim. Sub-limits for certain coverages do apply. Please refer to the actual policy for specific terms, conditions, limitations, and exclusions that will govern in the event of a loss.

How long does it take to issue a certificate?

Completing your order takes just a few minutes and provides instant binding & issuance of a cyber insurance certificate. Stay in compliance immediately, saving you time, and money.

How is the policy facilitated and is there an annual membership fee?

The Policy is facilitated through a risk purchasing group and authorized under the Liability Risk Retention Act (the “LRRA”), which is a federal law enacted in 1986 to facilitate access to liability insurance on a more cost-efficient basis. As a risk purchasing group and pursuant to the LRRA, the Company is permitted to collectively purchase liability insurance on behalf of group members to cover their similar exposures that result from the members’ common practices or activities. There is no annual membership fee. Simply enrolling in the program allows you to be a member.

How do I add an additional insured on a certificate of insurance?

This is not required as the additional insured provision is built into the policy and is defined as a person or entity to which an Insured Entity is obligated by virtue of a written contract or agreement to add such person or entity as an additional insured. No additional insured is insured under the policy for its liability arising out of its own acts, errors, or omissions.

Is a Risk Purchasing Group an insurance company?

No, a Risk Purchasing Group is not an insurance company; it is a collective group of businesses with no common ownership purchasing liability insurance on a group basis. The RPG does not assume any risk. Further, it allows the group to gather purchasing strength to buy insurance at a significant cost savings with broadened coverage.

Will each enrolled business have a separate and distinct limit of liability?

Each enrolled business will have their own limit of liability separate and distinct from other enrolled businesses.

What insurance company is providing coverage?

Axis, rated "A" by AM Best.

Can any business qualify for the cyber policy?

If your business is less than $25,000,000 in annual revenue (gross sales) and not aware of or have any knowledge of a potential cyber claim your business may qualify. Ineligible applicants include: (a) Banks, (b) Credit Unions, (c) Payment Processors, (d) Gambling Organizations, (e) Adult Industry or content, (f) Social Media/Networking Firms, (g) Cloud Providers, (h) Network providers, (i) Managed Security Providers, (j) Managed Service Providers, (k) Federal and State government agencies, (l) Municipalities, (m) Franchisee or Franchisor, (n) Cryptocurrency, (o) Marijuana/Cannabis, (p) Consumer Auctions.