IT Insurance
Specifically tailored to information Technology companies are facing increasing liability challenges and threats.
Product Description:
IT companies are facing increasing liability challenges and threats. Even the best managed IT companies can find themselves embroiled in legal action from ever demanding customers as the reliance on the products and services provided by IT companies increases.
These liability challenges and threats have increased due to a combination of the following attributes:
- Ever increasing need to speed product to market;
- Increased competition in key product and service markets;
- Increasing customer expectation;
- The need to export products and services to foreign markets;
These threats and challenges are exacerbated by the following:
- Increased outsourcing of systems and data;
- Increase in fixed price long terms contracts;
- Ever increasing consumer protection legislation.
IT companies can face financial loss threats from the following sources:
- Due to systems not being delivered within contractual time frames;
- Due to systems not performing as intended;
- Arising from software development risk even when the contract has not been completed;
- Arising from a breach of a third parties Intellectual Property Rights such as copyright, trademark or register design;
- Arising from loss of data, libel and slander and sub-contractors acts.
Available Online:
- Quote, bind and issue Policy Documents in minutes on Brooklyn’s market leading on-line system
Cover Includes (Key Features):
• Combined Professional Indemnity and Public & Products Liability
• Civil Liability Wording
• Breach of Contract
• Breach of Consumer Protection Legislation
• Breach of Intellectual Property Rights (Incl. Patents)
• Loss of/Damage to Documents/Data
• Defamation
• Fraud & Dishonesty of Employees
• Full Continuous Cover
• Official Enquiry Costs
• Claims Mitigation Costs
• Vicarious Liability
• Joint Venture/Partnerships
• Court Attendance Costs
• First Party Data Recovery Expenses
• Run-Off Cover
• Previous Business
• Public Relations Expenses
• Newly Acquired or Created Subsidiaries Breach of Warranty
• Tenants Liability
• Vendors Liability
• Product Recall
• Advancement of Defence Costs
• Automatic Reinstatement
• Inquiry Costs
• Limitation of Liability Contracts
• Broad definition of insured
Optional Extensions
• Extended Contractual Liability
• Fidelity
• Extended Discovery Period
Limits Available:
Up to $10,000,000 for Professional Indemnity
Up to $20,000,000 for Public/Products Liability
NON-Target Occupations:
• Adult Risks
• Aviation / Airlines / Satellites
• Blockchain / Cryptocurrencies
• Financial Platforms
• Defence incl Weapons or Warfare
• Gambling
• Microprocessor manufacturers
• Medical Applications
• Large Social Media Platforms
• Payment processors, Transport/Rail, IT - Cyber security, CCTV, Games development, Health diagnostic Hardware of Software, Mining
