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1st November, 2008
CFC launches ground-breaking cover for technology companies
Esurance™TECH first policy to tailor all elements of cover
1st November 2008: CFC Underwriting has today launched the first insurance policy that tailors all elements of cover for technology companies. Available exclusively to brokers, Esurance™TECH provides bespoke wording for professional indemnity (PI), product liability, employer's liability, public liability, contents and business interruption cover.
An expert in writing technology business, CFC has drawn on its experience to introduce several ground-breaking elements of cover:
- Esurance™TECH provides clear cover for breach of a client contract - the main cause of technology PI claims Ð and does not have a contractual liability exclusion or condition so there is no need for technology companies to refer individual client contracts in order to get cover
- Software can be considered a service or a product, so product liability and PI insurance provided by Esurance™TECH has been tailored to avoid any gaps in cover
- Unlike standard policies, business interruption cover provided by Esurance™TECH takes into account issues relating to project delivery failure, delayed milestone payments and disruption to research and development activities
- Esurance™TECH does not use standard definitions of technology services as this can dramatically reduce cover Ð rather it allows companies to define their own business and the activities to be covered
- There are no exclusions for liability associated with product recall, viruses and hacking, fines and penalties, project delays, third party defects or bugs post acceptance, and restitutionary damages
CFC's Business Development Director, Graeme Newman, comments: "Technology companies are a different breed from traditional professionals. The legal landscape is constantly evolving and these companies are delivering products and services not envisaged when most insurance policies were written. Most policies tend to lump technology companies together as a group, failing to recognise the differences between online gaming companies and network support providers for example. We don't. We've used our experience of providing insurance to thousands of technology companies around the globe to provide worldwide cover for the risks they face, not to exclude them."
Esurance™TECH is only available via brokers. In addition to providing them with marketing assistance, CFC will also make its team of expert underwriters available to brokers to assist with client visits if required.
For further information or to arrange an interview with Graeme Newman, please contact Lesley Russell at Spotlight Communications on 07815 778038 or email lesley@spotlightcomms.co.uk
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