Travelers has launched CyberTech+, a product designed to help protect technology companies from a variety of exposures including errors and omissions, computer viruses, and copyright and trademark infringement.
Under the CyberTech+ policy, businesses will be able to select from three coverage modules: Technology E&O Liability, Network and Information Security Liability and Communications and Media Liability.
The first module, Technology E&O Liability, protects against damages a business might have to pay its customers because of a loss that results from its products or work and is caused by an error, omission or negligent act.
The second module, Network and Information Security Liability, protects against risks associated with the failure to protect electronic data containing others’ private information, the inadvertent transmission of a virus, and the inability of authorized users to access a company’s Web site or computer network.
“The recent high-profile incidents involving privacy violations emphasizes the need for this type of coverage,” said Bob Ditmore, senior vice president, strategic development, Global Technology Underwriting. “If a hacker steals a company’s database filled with private customer information, the company could be held liable. That’s why it’s important to have the proper coverage in place.”
The third module, Communications and Media Liability, protects against claims or suits for damages resulting from the unauthorized use of another party’s copyrighted or trademarked intellectual property, whether it’s in an electronic or print format. It also covers the unauthorized use of any advertising material, or any slogan or title, of others in the advertising of the business of others. Finally, it covers exposures resulting from plagiarism of a literary or artistic format, character or performance in a company’s material.
“The CyberTech+ product will create a one-stop shop for customers to obtain Technology E&O, Network and Information Security Liability and Communications and Media Liability coverages,” said Ditmore. “We’re able to provide technology companies with the flexibility to buy the specific coverage they need to fill in gaps typically created by a general liability policy.”
Some of the key features of the CyberTech+ policy are as follows:
The modular approach gives customers the flexibility to choose the coverage that fits their needs;
The protection provided by the Network and Information Security Liability Protection and Communications and Media Liability modules applies to wrongful acts committed online and offline;
The coverages are enterprise-wide in nature;
Coverage for all modules is provided worldwide — regardless of where the wrongful act is committed or a claim is made or a lawsuit is filed – except where the federal government prohibits U.S. companies from doing business.
The CyberTech+ product is admitted and will be filed in all 50 states.
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