(Image credit: xiSerge/Pixabay.)
Cowbell (Pleasanton, Calif.) has introduced Prime One in the United States, a cyber insurance product designed to address risks associated with artificial intelligence and quantum computing for mid-market organizations.
Trent Cooksley, Co-Founder and COO, Cowbell.
The product provides up to $10 million in limits and includes coverage for AI-related incidents and emerging quantum computing exposures. Cowbell says the offering is intended for organizations with complex digital operations and annual revenues between $250 million and $1 billion.
Prime One includes coverage for cybercrime, business interruption, system failure, data restoration and third-party liability, as well as exposures related to biometric data and cyber-enabled property loss. The policy is structured to address risks associated with cloud-based systems, third-party vendors and interconnected digital environments.
“Cyber risk extends beyond traditional attack vectors,” says Trent Cooksley, Co-Founder and COO, Cowbell. “With Prime One, we are addressing the realities of modern risk, where AI-driven incidents, evolving fraud tactics, and the future impact of quantum computing require a fundamentally different approach to coverage.”
Cowbell says the product includes provisions addressing potential encryption vulnerabilities linked to quantum computing, as well as risks related to unauthorized access or use of AI systems.
Simon Hughes, Chief Commercial Officer, Cowbell.
Sophisticated Coverage, Underwriting Discipline and Tailored Distribution
“Prime One represents a significant step forward in how we serve the mid-market segment,” says Simon Hughes, Chief Commercial Officer, Cowbell. “We are bringing together sophisticated coverage, underwriting discipline, and distribution tailored to risks typically managed by national retailers. This allows us to meet the needs of larger organizations that require both flexibility and depth in their cyber insurance programs.”
Coverage is written on a non-admitted basis by Chaucer Insurance Company (London).
Cowbell says the product builds on its experience offering similar solutions in international markets.