Miami Specialty Risk Launches Lloyd’s-Backed Cyber, Technology E&O Facility

October 31, 2019

Miami Specialty Risk has launched a new cyber and technology E&O facility available in all 50 states. Backed by Lloyd’s of London, the Miami Specialty Risk facility is comprised of three products: SME Cyber and Tech E&O; FranchisoRap – Franchisee Cyber and Tech E&O; and VendoRap – Vendor Contract Specific E&O and Cyber. It has plans to expand into more product lines in the near future.

The new coverages were created by the team managed by Mary Guzman, managing director of the Cyber and Technology Division at Miami Specialty Risk, has more than 25 years of experience consulting with and placing insurance for Fortune 1,000 companies. She has specialized in complex cyber, errors & omissions, and intellectual property insurance.

According to Guzman, the product was developed with capacity and policy wording that supplements risk management programs where traditional cyber and technology insurance coverage has fallen short.

“Two of the first three product/service offerings will fill insurance gaps and make contracting much simpler between common counterparties; franchisors and their franchisees, and middle to large enterprises and their key vendors,” she said.

In these programs, Miami Specialty Risk will work to onboard multiple small businesses at one time through a “sponsor” organization looking to push technology and cyber risks to the owner of those risks and offer its experience as guidance on these matters.

Miami Specialty Risk can underwrite these products for franchisors/franchisees, mid to large enterprise clients and their key vendors, and can write more traditional (but broadly worded) cyber and tech E&O for almost any industry. It hasc expertise in healthcare, retail, FI, fintech, technology, logistics, utilities, and manufacturing.

Miami Specialty Risk plans on releasing other cyber, technology and intellectual property insurance products in the upcoming months.

Miami Specialty Risk is now accepting appointment requests from large retail and wholesale brokerages.

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