Insurance broker Aon Corp. has introduced a suite of insurance products designed to bring middle market technology companies the coverage enhancements historically only available to large corporate clients.
Known as Aon Preferred for Technology, the new product suite has been developed by Aon in conjunction with Zurich North America’s Commercial Middle Market Technology team.
Aon and Zurich can address risks anywhere in the world a client operates.
“All too often, creating an optimal risk management program to meet the needs of a global middle market technology company has involved patching together various products, coverage and services from a myriad of carriers, leading to potential uninsured gaps, cost inefficiencies and burdensome administrative requirements,” said Michael Flanagan, managing director of Aon Risk Services’ Technology Practice. “We spoke to clients and discussed the need to make the insurance purchasing process easier and more integrated while minimizing the risk of coverage gaps resulting from the use of multiple markets.”
The suite has been tailored to include directors and officers liability, marine cargo, property, professional liability and workers compensation. Some of the coverage enhancements made to Zurich’s insurance products include:
Contingent product recall coverage for expenses associated with the failure of a supplier to indemnify the insured for product recall expense
Blanket limits for property, business interruption and stock
365 days of extended period of indemnity
Earthquake sprinkler leakage coverage
Marrying of the general liability and errors and omission policy around professional liability
Contingent product recall coverage is for technology companies that rely on third parties to develop in part or whole an element of the company’s product. This coverage will reimburse the insured for recall expenses should the third party be unable to provide reimbursement.