Mosaic adds excess technology E&O coverage to cyber product offering
Mosaic Insurance’s cyber division has launched excess capacity and coverage for a new product aimed at protecting technology sector companies from rapidly emerging liability risks.
The Hamilton, Bermuda-based specialty insurer now offers excess technology errors and omissions (E&O) as companion cover to cyber for businesses ranging from artificial intelligence, virtual reality, edtech, and IT consulting firms to data analytics companies, software as a service (SaaS), and peer-to-peer platforms.
Underwritten via Mosaic’s Syndicate 1609 with capacity from both Mosaic and partner carriers, the product is available globally through Mosaic’s cyber hubs in London, Bermuda, and the US, with a minimum attachment point of US$10 million.
Launched in February 2021, Mosaic combines Lloyd’s Syndicate 1609 with a wholly owned syndicated capital management agency, enabling the company to source and underwrite business worldwide. Its six current business lines are transactional liability, cyber, political risk, political violence, financial institutions, and professional lines.
CoverTree partners with Socotra for mobile home programs
Insurtech MGA CoverTree has partnered with core platform provider Socotra to launch easy and affordable insurance for owners, renters and landlords of manufactured homes, which have been historically underinsured.
With Socotra, CoverTree can now automate 92% of its applications with straight-through processing, enabling its customers to purchase a policy online in less than three minutes and save up to 40% in premiums.
CoverTree, the creator of a digital insurance solution for residents of manufactured homes, recently raised $10 million in venture funding and announced the launch of coverage for manufactured homes in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois and Tennessee.
Chosen by 27 carriers and insurtechs in the last 18 months, Socotra, based in San Francisco, California, allows insurers to bring any insurance product to market with out-of-the-box capabilities.
In less than six months from kickoff, CoverTree was able to start writing policies in five states and now has plans to expand to additional ones in the coming months.
Cover Whale launches new API and mobile app
Cover Whale, a leading commercial trucking insurer and fast-growing insurtech, announced the launch of its new application programming (API) for agents and its mobile app for policyholders.
The API allows agents to seamlessly integrate their systems with Cover Whale’s commercial trucking insurance platform, streamlining the policy quoting and binding process for their independent owner-operator and small truck fleet clients.
The mobile app informs commercial truck driver policyholders about their policies. It provides everything a trucker needs right at their fingertips, from instant, free, unlimited certificates of insurance, to claims filing, to troubleshooting their dashboard camera.
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