Coalition uses thousands of signals to price insurance coverage, so it can be difficult to determine exactly why our quote may deviate from that of another insurer. However, there are a few things you can do to ensure you're getting an apples-to-apples figure:
- Carefully compare coverages between each policy that is being quoted. Coalition offers a number of coverages that are not available in many other policies. Even where coverages appear similar (i.e., they are called the same thing), they may be written in such a way so as to grant very different coverage. For example, the Funds Transfer Fraud (FTF) coverage offered by some insurers only covers incidents where funds were lost as a result of hacking and not social engineering. By comparison, Coalition's coverage for FTF covers not only hacking, but also social engineering. And not just social engineering of your employees, but also your customers, vendors, and partners (purporting to be them).
- Check limits, sub-limits, and retentions. Even though the policies may appear to be for the same overall aggregate limit (e.g., $1,000,000), many insurance carriers put in place sub-limits for certain coverages that are lower than the aggregate limit. They may also impose higher retentions for certain coverages. In many cases, Coalition is able to offer full coverage without sub-limits. We can also offer comparable coverage with sub-limits and/or sub-retentions at a lower price. Carefully check that the quotes you've received offer the same coverage, for every coverage type.
- Are you getting full prior acts coverage? Some policies only include coverage for incidents that occur after the policy is put in place (these are referred to as retroactive date inception policies). Others may allow you to specify a retroactive date going back a year, two, or more. That is to say, a date in the past after which the occurrence of an incident must have occurred in order be covered when reported during the current policy period. Coalition, on the other hand, offers full prior acts coverage, which means that the incident could have occurred at any point in the past, and still be covered, provided it is discovered and reported during the policy period. If you're thinking, "that's way better coverage!" ... you'd be right! It may also be one of the reasons the quotes you receive are different.
- Review your application responses. Make sure that the information submitted to each insurance carrier is the same. Insurance carriers, including Coalition, use your stated revenue, industry classification, and other information on the application to make rating/pricing decisions.
If you've done the above, and are still having a hard time understanding any difference in quotations, please get in touch.