Technology - Ten Eyck Group

Technology

Preparing for new horizons

Standard insurance policies, which up until recently, have been available only for property or liability exposures are aging contracts and were originally developed for machine-age industries. Accordingly, many of the issues which could give rise to claims in the high-tech area are not contemplated in the current, standard insurance contracts.

Software that does not perform as promised may cause financial and other types of losses to licensed purchasers who often then make claims against the software manufacturer. Software manufacturers who are sued for such losses may not be covered by standard insurance policies because there is no physical loss. Standard insurance policies also do not usually cover loss of business income due to a delay in product release and subsequent delay in incorporation into the client’s business process. In addition, developers that engage in important research and development may need protection against patent infringement claims by other developers or patent holders.

Though typical insurance policies cover only physical losses, newly developed insurance coverage particular to the high-tech industry is available. Project Loss insurance may insure against delays in developing and marketing a product due to unforeseen accidents or interruptions. Errors and Omissions insurance will cover liability for breaches of warranties or negligence. Patent Infringement insurance can cover the costs of certain patent infringement actions and many other types of damages or suits that may be brought against you.

Coverages Avalaible:

Technology Errors & Omissions
Internet Liability
Media Liability
Telecommunications Liability
Network Security Liability
Cyber-extortion
Network Loss or damage
Information Asset coverage
Business Interruption coverage
Public Relations Coverage
Content Injury
Patent & Copywrite infringement
Electronic theft
Computer crime

KNOWLEDGE * INTEGRITY * SERVICE