Corvus Insurance launches Ransomware Business Interruption Calculator
Corvus Insurance, the MGA offering “smart commercial insurance policies powered by AI-driven risk data,” is announcing the launch of its new Ransomware Business Interruption Calculator, which allows brokers to quickly reference a client’s financial risk in the event of a cyber-related shutdown, and more effectively evaluate the appropriate level of cyber insurance to purchase.
The Corvus BI Calculator is an automated estimate of a client’s losses in the event of a shutdown. It allows brokers to provide more transparency around the limits they are recommending to clients, while being able to share “quantitative values that make it easier to understand insurance purchasing decisions.” Brokers can access the tool when requesting a quote for any Smart Cyber Insurance or Smart Tech E&O policy. The resulting estimate is based on data already entered in the application combined with proprietary Corvus data.
“Even in normal economic conditions, one of the most common challenges that we hear from brokers selling cyber insurance is how to explain appropriate insurance limits to purchase. At a time of recession, when every dollar counts for businesses, we want to provide the tools to empower brokers in their conversations about limits, as well as encourage clients to buy the appropriate coverage for the risks they face. By showing the financial exposures, brokers can more effectively articulate why certain levels of coverage are appropriate.” – Phil Edmundson, CEO of Corvus.