Did you know a typical technology policy excludes 80% of your exposure?
Breach of contract and intellectual property made up more than 80% of all technology claims handled by Hiscox over a nine year period. Traditional professional liability/errors and omissions policies offer negligence coverage only. A Hiscox Technology Protection policy provides affirmative breach of contract coverage not available under most standard technology errors and omissions forms, in addition to negligence coverage. When combined with our broad intellectual property coverage and other innovative solutions, Hiscox Technology Protection ensures technology companies are buying insurance that addresses their most significant exposures.
Coverage
Specially designed for the technology industry, our policy has several outstanding features which you will not find under most standard policies.
Our coverage includes:
- Affirmative breach of contract coverage - unlike most technology insurers, we provide coverage for an unintentional breach of a written contract claim brought by a client and we don’t exclude warranties and guarantees. We also provide a broadly defined set of covered damages that includes the return of fees as well as certain contractual indemnities (e.g., for intellectual property infringement and data breaches).
- Broad intellectual property coverage - we provide coverage for a broad set of allegations including where the insured has infringed on the intellectual property rights of others including copyright, trademark, moral rights or an act of passing off.
- Negligence coverage - including a breach of duty to use reasonable care, negligent misrepresentation, and negligence with regard to network security or a privacy/data breach event.
- Claims arising out of the activities of the insured or others on the insured’s behalf.
- Optional coverage available under additional insured agreements:
– data breach cost and expense
– entity-wide privacy and security liability
– online advertising and multimedia liability
– hacker damage to data
– cyber business interruption
– cyber extortion
Why Hiscox?
For over 15 years, Hiscox has provided tailored insurance coverage for technology industry businesses. Our products, underwriting approach and claims management expertise keep pace with the changing face of technology and the law that applies.
- Pioneer in providing affirmative breach of contract coverage.
- Leading specialist technology insurer with in-depth knowledge of the technology industry and its unique exposures. Our policy is designed especially for technology companies to meet their needs.
- Financial Stability. Lloyd’s of London capacity, which carriers an A.M. Best rating of A (Excellent)*
- Value-added services, including:
– Complimentary risk management assistance
– Complimentary breach prevention services (Breachprotecion.com)
– Complimentary breach response services (Hiscox eRisk Hub ®)
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Superior claims service from our in-house specialist claims team
- Excellent client services
Policy Parameters
- Policy limits up to $10,000,000
- Minimum premium $999
- Minimum retention $2,500
Who we cover
A wide range of US based technology suppliers, consultants and vendors.
For more information, speak to your insurance broker or contact one of our Technology specialists.
Matt Donovan
Underwriting Leader, Technology and Privacy, Atlanta
T 404 410 2813
Nyreese Arzu
Senior Underwriter, Los Angeles
T 213 412 1236
Daniel Burke
Senior Underwriter, San Francisco
T 415 912 1649
Meghan Levins
Assistant Vice President, San Francisco
T 415 814 1453
Brian Ross
Assistant Vice President, New York
T 914 273 7421
Dave Wasson
Underwriter, Chicago
T 312 239 6368
Documents
*A.M. Best rating of July 26, 2012 |
