OneBeacon Professional Insurance (OBPI) has a new technology errors and omissions (E&O) product targeted to technology firms, including application service providers, software developers, technology consulting firms, and companies involved in systems integration and maintenance.
“As technology organizations continue to evolve, there is a tremendous exposure to this type of risk. So much business is conducted online now that when applications fail, affected companies often seek to hold those who developed the application responsible for the failure,” said David Molitano, vice president of Technology E&O for the insurer.
OBPI’s Technology E&O insurance includes coverage for professional and technology services liability, technology products liability, media liability, and network security and privacy liability. The professional services insurance can also extend coverage to certain non-technology related services. In addition, OBPI’s policy provides coverage for certain costs associated with complying with a breach notification law. This is all available to prospective insureds through one standard policy form, with limits up to $10 million. Both primary and excess coverages are available.
Specialized protection and features include media liability coverage for online and offline media communication activities; worldwide coverage; coverage for copyright infringement in connection with the development of a technology product; and a definition of insured that includes independent contractors.
Source: OneBeacon Insurance Group
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