Cyber insurance company Cowbell Cyber has launched its first cyber insurance programme, dubbed Prime 250, to offer a range of coverages to address the diversity of incidents under cyber category.

Cowbell has partnered with Benchmark Insurance Company and Obsidian Insurance Company for the new programme, which is also backed by a panel of global reinsurers.

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Prime 250 is said to address each type of cyber incident with 25 coverages. These coverages are designed to reflect the companies face cyber incidence; first-party loss, first-party expense and liability.

The solution provides basic, popular and elite coverage to make the binding process quick and simple for businesses.

Furthermore, it offers policyholders with access to Cowbell Factors for risk rating and industry peer benchmarking. They can also make use of Cowbell Insights, which offers recommendations to mitigate identified risk exposures.

Cowbell Cyberco-founder and COO Trent Cooksley said: “For years, policyholders have raised concerns about the complexity and opacity of cyber insurance. Meanwhile, cyber-incidents are becoming more frequent and diverse.

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“We have created Prime 250 with the explicit intent to make cyber insurance easy and bring clarity to coverages and policy terms so that every business can benefit from the financial protection delivered by cyber insurance.”

Last month, Cowbell Cyber incorporated new enhancements to its cyber insurance platform, to enable the platform to carry out larger risk underwriting with more ease, accuracy and increased speed.