By Garrett Koehn, regional director and president of Northwestern U.S., CRC|Crump Insurance Services
Back in the mid-1990s, in the early stages of the Internet when we were working with Yahoo and other startups, there wasn't one policy in place that we could use to insure our clients. The Internet was so new we had to show underwriters what we were trying to insure.The operations for most of these companies were in the public space. Because there was no precedent, very little was known about what liabilities they actually faced.
When we first started insuring technology startups, we had to educate underwriters about browsers, search engines and the Internet. As agents and brokers asked us to provide insurance for their clients, it was our job to fully research the company and understand what they were doing. Only by asking lots of questions and using their sites could we determine their probable risks and provide enough information to the underwriter so they could determine the cost for the insurance policies.
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