- Broker
- Professional and Financial Lines
- Product Leadership
- Technology, Media and Telecommunications
- Information and Communication Technology
Information and Communication Technology (ICT)
As the ICT industry continues to evolve and play an ever-increasing part in our lives, the potential for claims against those firms providing the technology grows accordingly. Within this dynamic environment an ICT firm needs to be comfortable that its true exposures are covered.
QBE is a long established insurer in the Technology sector and is forward looking in both products and underwriting. Today brokers and clients have access to a fifth generation Information and Communication Technology wording which has evolved over the years to meet the needs and expectations of clients. The market experience QBE has along with entrepreneurial spirit can also be seen in the new Cyber and Data Security product that is now on offer.
With over 30 years experience of underwriting professional indemnity for ICT professionals, QBE have the expertise to recognise and protect their complex insurance requirements. This experience has allowed us to identify new risks, and we have enhanced our product offering to respond to these exposures.
The new QBE PI Tech Protect Policy is based around a broad Civil Liability wording and provides many outstanding features which would not be offered by a standard policy.
We believe that matching this level of cover with our competitive pricing strategy makes this one of the highest quality products available in the market.
The Technology and Telecommunications sector is one of fastest growing, most dynamic sectors in the UK. In an economy where investment returns are low, those with cash are looking internally to strengthen their position and improve their efficiencies. In many cases this involves system reviews and investment in technology.
Whilst this means that the technology sector has not necessarily seen the significant drop in revenue that others have, it does mean that clients are more careful to protect their investments and say when they feel there is something amiss.
This means that the insurance that companies purchase needs to able to withstand the potential barrage of situations that could happen; contract disputes to IPR issues, computer viruses and including unauthorised access. The wordings themselves are important, but it’s the underwriters who write the risk and understand what clients need which make the real difference. There is no point in having the best tools if you don’t know how to use them! At QBE we are able to combine a quality wording with the experience to know how it should be used.
Essential Covers
Breach of Contract – Probably the most important element of cover to a Technology company. Breach of contract is mentions in all Professional Indemnity policies, but in many the cover is then restricted or removed entirely under the exclusions. QBE do not apply such restricts and even go as far as to define Breach of Contract so the client clearly see what is covered.
Hacker Protection – QBE recognise the risk of hackers in the current environment and the damage that they can cause. As standard under the policy there is cover for the a third parties good faith in a hackers fraudulent use of the insured’s systems. Further protection from Cyber risks can be purchased through the addition of QBE’s Cyber product.
Unauthorised access – In 99% of hardware and software projects there is an element of network security. Failing to configure security correctly, add patches where needed and even to switch the security features back on following changes are all areas where insured’s face a potential exposure following a hack or virus on their clients network. This is an area that is often excluded or not mentioned in competitor’s wordings.
Public Relations and crisis management services - It’s all very well protecting the client who has suffered the loss, but what could the consequence of knowledge of that claim reaching your other clients? Would they be concerned? Could they leave? This section of cover provides the insured with reasonable funds to call in experts and avert or mitigate any material damage to any of the insured’s brand or business operations.
Liquidated Damages – Many contracts these days include liquidated damages as standard. Liquidated damages are covered as long as they were a fair and reasonable estimate of damages that could be recovered should a liquidated damages provision not been included in the contract. The majority of policies available exclude this cover as standard and therefore penalise the forward thing client.
Infringement of Intellectual Property Rights – Breach of intellectual property rights is something that is often given in the market, and yet is also often restricted in value. This is an approach that QBE have not taken, and we provide cover for the full limit. In addition Patent cover is often requested, seldom provided. QBE have the ability to quote up to a £1,000,000 limit of liability following additional questions.
Target Clients include but are not limited to:
Software companies
Hardware companies
IT-Services
Telecommunications
Communications Equipment
Digital Broadcasters
Electronics Instruments
Claims Scenarios
For examples of claims scenarios, please click here.
Commercial Liability
The technology sector is slightly different to others in that it is not always easy to see where a PI and PL/products risk stop and other starts. QBE recognises this and so has developed the ability to quote the PL/Products under the same policy as the PI. The benefit for the broker and the client is that you don’t need to worry about the incidents that bridge the two heads of cover, all you need know is that QBE will look after it. Under the commercial liability QBE will be able to quote Public, Products Liability and Employers’ liability cover with limits up to £10,000,000.
All our PI underwriters are happy to underwrite ICT business so you can continue to deal with your usual contacts.
Key Contacts
Key aspects of QBE Cover:
- Limits available up to £25,000,000 AOC and AGG
- Breach of Contract – no restrictions
- Failure to protect - against unauthorised access and denial of service attack
- Inadvertent transmission of a computer virus
- Defamation
- Infringement or interference with rights of privacy or publicity
- Misuse of information
- Infringement of Intellectual Property Rights
- Breach of a professional duty
- Negligent acts, errors, omissions, misstatements or misrepresentation
- Defence Costs
- Claims emanating from the dishonesty of employees
- Hacker Protection
- Public Relations and crisis management services
- Costs to withdraw content – mitigation costs
- Court Attendance compensation
- Punitive and exemplary damages where insurable by law
- Liquidated damages
- Worldwide territory and jurisdiction