Chubb Insurance Company of Europe SE announced the launch of the new edition of its MasterPackage for Technology Companies policy. It described the product as a “comprehensive first and third party policy to cater for the unique insurance needs of technology companies. The policy is tailored for technology companies which design, install and supply software, hardware and hosting solutions.”
David Legassick, Chubb UK & Ireland Technology Insurance Manager, indicated that the changes made have significantly enhanced the policy, “while we have retained the core elements of our policy such as being contractual liability based and providing cover for both technology companies’ services and products. These changes not only provide for the evolving needs of technology companies but also mean we retain our position as a market leading carrier for this sector.”
Chubb explained that from its experience, “the key risk faced by technology companies remains contractual liability from a failure in the product or service they provide to their customers. Technology companies have both tangible risks (e.g. risks associated with a company’s physical product such as hardware) and/or intangible risks (e.g. advice or software design). Contractual liability losses from these tangible and intangible risks account for the greatest volume of losses for technology companies.”
Legassick added: “Whereas other market policies may only cover a technology company’s intangible risks, Chubb’s policy provides cover as standard for both tangible and intangible risks. Furthermore, our policy is contractual liability based not negligence based. This means contractual disputes can be resolved much more quickly allowing the technology company and its customer to resume their business together.”
Technology continues to change at a rapid pace as risks evolve and new exposures arise. Chubb’s policy enhancements are its response to these evolving risks. The coverage includes the following:
• contractually assumed privacy data breach expenses
• disclosure of confidential information
• pass through fines and penalties
• first party privacy data breach expenses
• first party e-threat expenses
• first party reward expenses
• cyber attack
• business interruption flexible first loss limit which includes R&D expenditure
MasterPackage, Chubb’s core package policy, is available in tailored editions for a range of business sectors including technology, law and high precision metalworking.
Helen Troman, Chubb UK & Ireland Technology Practice Leader, said: “Our MasterPackage for Technology Companies policy allows technology companies to buy a package of property, business interruption, liability and professional indemnity insurance in a single solution from one insurer. The benefit to the technology company is a policy with some of the broadest coverage available and which is straightforward to use.”
“We have an underwriting team dedicated to the technology sector which, combined with a claims team steeped in technology experience, means technology companies can choose Chubb with confidence.”
Source: Chubb Insurance Company of Europe SE
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