Safeonline Launches Tech Liability Product
NU Online News Service, Jan. 22, 12:55 p.m. EST?A Michigan firm has announced the launch of an errors and omissions and Internet media liability product designed for technology-related risks.
Safeonline, a digital risk insurance developer based in Okemos, Mich., said the new product called Safeonline SafeEnterprise will be underwritten by Faraday Underwriting Limited "and other leading syndicates at Lloyd's of London."
SafeEnterprise covers risks excluded by many conventional policies, the company claimed. These include:
? Technology errors and omissions, negligent acts.
? Defamation, invasion of privacy, libel and slander, plagiarism, infringement of intellectual property rights.
? Inadvertent transmission of a virus or other malicious code.
? Failure of security measures to prevent denial of service and unauthorized access or theft of electronic data.
The product will be sold to mid-size and large businesses and to technology companies that provide e-commerce, electronic data processing, Internet access, software design, consultancy, development, installation, network solutions and/or multimedia services, the company added.
Coverage is worldwide, with levels ranging from $500,000 to $5 million. Higher limits, up to $20 million, are available upon request, the company said.
SafeEnterprise, the company said, will be distributed via Safeonline's global network of insurance agents and brokers, and administered from the company's European headquarters at The Lloyd's Building.
Further information for agents and brokers is available at edrs@safeonline.com.
Safeonline (www.safeonline.com) is backed by VeriSign and Catalyst Fund Management & Research, whose fund investors include Swiss Re, Credit Suisse First Boston, ING Group and Invesco, the company stated.
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