Over 85% of cyber liability or tech E&O submissions sent to Coalition are provided a response/quote in four minutes or less. The remaining submissions need an extra look, which we call a Secondary Review. These are accounts/submissions with exposures that require additional investigation before providing a response. These exposures and triggers may include:
Security concerns discovered by our technology and deep web scans
Requests for limits of $5M and above
Companies with over $100M of revenue/ratables
Sensitive industries such as Cryptocurrency and Healthcare
Prior claims history or knowledge of circumstances that could lead to a claim
When a submission triggers secondary review, we seek to make a decision on quote terms within 24 hours of submission. Potential decisions can include:
Release of a Coalition quotation
Declination (don't worry - this is rare!)
Release of a Contingent quotation
Contingent quotations are valid quotations that are subject to meeting specific conditions before coverage can be bound. We utilize this to highlight the need to fix critical issues, ensure accurate information is used, and comply with regulatory requirements.
You may have already noticed these contingencies - in case you haven't, there are three places to see details:
- Emails you receive indicate that the quotes received are contingent upon satisfaction of stated conditions.
- The "Conditions" section of the quote document (last section) shows detailed contingencies.
- Quotes on your dashboard will indicate a "Contingent" status, and display each contingency, descriptions, resolution materials, and the resolution status.
These contingencies can include items such as remediating a critical security finding, providing additional information on a claim or security protocol, validating types of data/records collected by the potential policyholder, or confirmation of preliminary application information. To help get them resolved, you may need to email our customer success team or the underwriter with information, set up a call with our security team, or invite your client to Coalition Control where they can see technical details on what to fix.
If you have any questions, don't hesitate to contact us.