Insurance protects against technology errors and omissions.
Press Release Summary:
Offered directly to US businesses, technology errors and omissions (E&O) insurance includes features for breach of contract due to software, hardware, or firmware not conforming to specification; breach of security; as well as liability arising out of breach of contractual indemnity. Insurance also encompasses duty to defend cover as well as defense and indemnity coverage for unfair competition claims in conjunction with intellectual property infringement.
Original Press Release:
Hiscox USA Launches Technology Errors & Omissions Insurance
Specialty insurer now offering E&O cover for stateside technology companies and related service providers
ARMONK, N.Y., Nov. 8 -- Hiscox USA (www.hiscoxusa.com), part of the Hiscox Group, a leading provider of specialty insurance, today announced it is licensed to provide technology errors and omissions (E&O) insurance to US businesses directly from its two New York locations.
"Hiscox has extensive experience in large-scale errors and omissions insurance for the IT industry," said Neil Bolton, lead Technology, Media & Telecom underwriter at Hiscox plc in London. "The similar coverage now offered by Hiscox USA may also be written specifically for middle-market US IT companies and is unique to that marketplace."
The US Technology E&O coverage will be underwritten by Vice Presidents Oliver Brew and Brian Thornton, reporting to Hiscox USA President, Ed Donnelly. This insurance will be written on a non-admitted basis through Hiscox USA's two New York locations in Manhattan and Armonk and is currently available to brokers throughout the United States.
"Businesses have set the bar very high for IT vendors, whether they are dealing with consultants, service providers or software developers," explained Brew. "Managers cannot afford to have issues with their IT infrastructure because in this era of the 24-hour global marketplace, even the slightest problem can lead to costly claims against IT suppliers."
"Because technology is so closely aligned with meeting business objectives, managers are becoming increasingly litigious when something goes wrong," added Thornton. "We see an opportunity to offer our technology E&O coverage to the millions of US IT providers vulnerable to litigation."
Notable features of the Hiscox USA Technology E&O insurance include:
o Breach of contract due to software, hardware or firmware not conforming to specification
o Breach of security
o Liability arising out of breach of contractual indemnity relating to any infringement of intellectual property rights or breach of confidence
o Duty to defend cover
o Defense and indemnity coverage for unfair competition claims in conjunction with intellectual property infringement
o Software as both the provision of a service and the supply of goods
o Fees you are owed by a client that are justifiably withheld due to dissatisfaction with your performance
About Hiscox USA
Hiscox USA, a new operation for European specialist insurer Hiscox, opened for business in March 2006 and is focused on rolling out Hiscox's specialist products for small and mid-size US businesses. Hiscox USA products can be purchased via USA-based local and regional brokers.
The company has two New York City area operations, in midtown Manhattan and just outside in Westchester County (Armonk), as well as a third operation in San Francisco.
Hiscox USA (Hiscox Inc.) is a licensed insurance intermediary for surplus lines business across the US underwriting on behalf of, and placing business with, Syndicate 33 at Lloyd's of London. For more information, please visit www.hiscoxusa.com.
About Hiscox plc
Hiscox plc is a specialist insurance group listed on the London Stock Exchange. There are three main underwriting parts of the Group - Hiscox Global Markets, Hiscox UK and Europe, and Hiscox International. Hiscox Global Markets underwrites mainly internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes offshore operations in Bermuda and Guernsey and Hiscox USA.
Contact:
Wilson Cleveland for Hiscox USA
Cubitt Jacobs & Prosek
212.279.3115 x.207
wilson@cjpcom.com
