Euclid Managers, LLC, an underwriting manager and claim administrator for internet, tech, media, manufacturing and miscellaneous professional liability, has added more coverage for Internet and tech companies via a new approach.
The coverage approach aggregates a collection of first-party and third-party liability coverages into one policy form. There are no modules; it’s just one policy form. While there is the ability to add endorsements, many of the coverages Internet and tech companies buy are already built into the form. The first-party coverages are delineated separately from the third-party liability protection and the entire policy is drafted with sensitivity towards avoiding insuring agreement confusion.
The expanded coverage offerings include business interruption, privacy notification expenses, crisis management expenses and content restoration expenses. Expanded coverage features include commercial confidential information, trusted party (vendor), employee personally identifiable information and more. The errors & omissions (E&O), personal injury, privacy, intellectual property and security protections previously available under Euclid’s Internet and tech forms are also still included.
Euclid has not changed its class-driven approach. Internet and tech companies will continue to have their own applications and policy forms: ClickStream 2.0 is for Internet companies and HyperDrive 2.0 for tech companies. Companies must have minimum revenues of $100,000 to be eligible for these products. Coverage for both HyperDrive 2.0 and ClickStream 2.0 is provided Hudson Insurance Co. on an admitted basis in N.J. and N.Y. and on Hudson Specialty Insurance Co. on a non-admitted basis in all other states.
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