Safeonline insurance covers new technology failure risk

Safeonline insurance covers new technology failure risk

London-based digital risk insurer, Safeonline, has introduced a new insurance package to protect technology companies against lawsuits deriving from technical failure their products, and covering risks excluded by traditional policies.

The new package has been designed for technology companies that provide e-commerce, electronic data processing, Internet, software design, consultancy, development, installation, network solutions and/or multimedia services; and to consultants in these fields.

SafeEnterprise is an errors and omissions (E&O) and Internet media liability product designed for technology-related risks. It embraces a broad definition of technology and Internet media liability, covering risks excluded by conventional policies. It offers comprehensive coverage against:
* technology errors and omissions, negligent acts;
* defamation, invasion of privacy, libel and slander, plagiarism, infringement of intellectual property rights;
* inadvertent transmission of a computer virus or other malicious code; and
* failure of security measures to prevent the following: denial of service, unauthorised access, or theft of electronic data.

The package will be underwritten by Faraday Underwriting Limited and other leading syndicates at Lloyd's of London. Coverage applies on a worldwide basis, with levels ranging from $500,000 to $5 million. Higher coverage limits of up to $20 million are available on request.

David Umbers, head of enterprise digital risk services, says: "Companies involved in any of these are susceptible to claims and should ensure they have the correct coverage in place as traditional policies may not cover them. Our experience shows there is a particular need felt by consultants and companies working in IT and e-commerce to protect themselves."

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