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Relm Extends its NOVA Cyber Technology Coverage Beyond Web3 as Client Demand Drives Product Evolution

10/14/24 - Relm’s Successful NOVAWEB3 offering spurs broader roll-out

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Relm Insurance (“Relm”), a leading specialty insurance carrier supporting emerging and innovative industries, today announced the broader release of its NOVA product offering, a best-in-class, industry-agnostic Cyber and Technology Errors & Omissions solution. 

Following the April 2024 release of Relm’s NOVAWEB3, a cyber product tailor made for the blockchain, Web3, and digital asset sector, Relm experienced significant demand for similar coverage from other innovative industries. In response, Relm created NOVA, designed to mitigate and transfer risks arising from cyber perils and the provision of technology services and products across an array of innovative industries.  

“Our clients are pushing the boundaries in their respective sectors. It’s been a rewarding collaboration, alongside our broking partners, to curate a product that responds to the evolving risk management needs of companies working at the cutting edge,” said Claire Davey, Head of Product Innovation and Emerging Risk. “With an ever-increasing demand for cyber and tech coverage due to our clients’ contractual requirements and regulatory pressures, NOVA is designed to serve as a cornerstone of their risk transfer strategies.” 

Coverage highlights include specialized and tailored definitions of technology services and products to reflect our insureds’ business activities as well as proactive loss mitigation expenses and coverages designed to prevent a claim from developing. This solution provides emergency claim expenses and business interruption, triggered by either security or system failure of both our insured’s systems, or those of their technology service provider, including voluntary shutdown coverage. NOVA also offers protection from common cyber-crimes, including invoice manipulation, fraudulent transfer instructions, telecommunications fraud, and theft of company funds.  

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