Technology Insurance…….expert to expert!

Many brokers and insurers claim to be experts in the field of technology insurance. However, The majority of these specialists have barely scratched the surface as to what is required.

“ You’re Experts in your field, therefore you deserve experts in our field who understand the exposures you face on a daily basis.”

We have an immature legal landscape currently, and this is constantly evolving. Many technology products are state of the art with capabilities not even conceived when most insurers created their policies. That is why technology companies require specialist insurance.

Below are some genuine examples of typical things that could go wrong for an IT organisations

• The insured designed a customer management software package. It was alleged that the software failed to comply with the agreed functionality. Amount paid: £350,000

• The insured configured an off-the-shelf software package for use by the client, and sold and installed associated hardware. There were serious difficulties following installation, leading to the client refusing to pay the balance outstanding and threatening a claim. Insurers paid the outstanding balance to the insured, avoiding the expense and reputational damage of a legal case. Amount paid: £55,000

• It was alleged that there were substantial deficiencies in the design of a software package, resulting in the system failing to meet the client’s requirements. Amount paid: £450,000.

If you have a question about insuring your technology business, whether you are a start-up or multinational organisation, please contact Ben Butler on 0118 9165481,  , or complete one of our enquiry forms.

Author: Adam Lawrence | March 5th, 2012

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Adam Lawrence
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767