Coalition’s approach to insurance is active — proactively monitoring & alerting to keep your clients safe. This active approach also helps to streamline renewals. Our goal is to ensure your renewal experience is easy and straightforward.

Coalition’s cyber insurance renewal cycle starts 90 days prior to expiration, when we select one of two potential "Renewal Paths": Automatic Renewal or Standard Renewal.

Automatic Renewal Process (Cyber)

Action required: None.

Overview: The automatic renewal process is touchless. No action is required from you or your insured to renew unless revenue exceeds a certain threshold, which is listed in the renewal solicitation emails. 

How it works: 90 days prior to expiration of the cyber insurance policy, Coalition will provide you with a quote of insurance, an updated Cyber Risk Assessment, and an updated loss run. Coalition will also provide a Year-Over-Year Changes document, which summarizes changes from the expiring policy to the renewal quote. Select changes to application information, policy terms, premium, claims, or security findings may be included.

The policy will be issued before the expiration date, according to the provided terms. Coalition will issue all automatic renewal policies 7 days prior to expiration. Please note that many automatic renewals renew at premiums higher than expiring.

Eligibility: Policyholders with the following traits qualify for automatic renewal:

• Annual revenues less than or equal to the amount indicated in our email sent at the beginning of the renewal process

• Aggregate Policy limits up to $5M

• No Coalition claims

• The number of PII/PHI records AND the number of payment cards stored, processed, transmitted, or accessible is less than 500,000

• Appropriate security and risk controls as assessed through Coalition's Active Insurance Scanning

Standard Renewal Process (Cyber)

Action required: Provide an updated and signed copy of the renewal application.

Overview: The standard renewal process involves re-underwriting the policyholder based on updated information. We required an updated, signed renewal application to renew.

How it works: 90 days prior to expiration of the cyber insurance policy, Coalition will provide you with a pre-filled renewal application, ransomware supplemental form (if required), updated Cyber Risk Assessment, and updated loss run. Please return the updated application information as quickly as possible. At least 60 days prior to expiration, any conditional non-renewal or non-renewal decisions will be communicated formally. 

At least 30 days prior to renewal, an updated quote of insurance will be issued. If updated application information is not provided, a preliminary quote of insurance will be issued based on expiring information 30 days prior to expiration. These terms are subject to change based on any updated information received. Along with any quote that is provided, Coalition will also provide a Year-Over-Year Changes document, which summarizes changes from the expiring policy to the renewal quote. Select changes to application information, policy terms, premium, claims, or security findings may be included.

For questions, please contact the Coalition Renewals Team (renewals@coalitioninc.com).

Eligibility: Policyholders ineligible for automatic renewal will go through the standard renewal process.

For Standard renewals, this blank renewal application may be useful.

Notes

Excess renewals: The process for excess renewals is largely the same as standard renewals. One additional piece of information we will need before we can provide a quote are copies of all underlying renewal quotes and loss runs. After these are received, renewal excess terms can be processed. Year-Over-Year Changes documents will not be provided for excess renewals at this time.

Regulatory requirements: For all non-admitted placements, any regulatory requirements associated with the policy remain the responsibility of the broker.