PriyaPatel
TLDR:
- Sompo has launched a modular product for mid-market UK clients targeting technology and telecoms service providers, electronic product manufacturers, and assemblers.
- The package includes property, casualty, professional indemnity, and cyber cover, with customization options for each client’s needs.
Sompo Targets Mid-Market Tech with Modular Offering
Sompo has introduced a new modular product tailored for mid-market UK clients in the technology sector, specifically focusing on technology and telecoms service providers, electronic product manufacturers, and assemblers. This offering includes property, casualty, professional indemnity (PI), and cyber cover, with the flexibility to customize each client’s coverage based on their unique requirements.
The provider emphasizes “clear and concise cover” with limited restrictions and exclusions, aiming to provide transparent and comprehensive insurance solutions. Particularly noteworthy is the PI wording inclusive of intellectual property rights, breach of contract wording, and worldwide cover for PI and cyber risks.
One key feature highlighted by Sompo is automatic additional insured, enhancing the scope of coverage and providing additional protection for clients. Excess PI and cyber can also be provided separately, allowing clients to tailor their policies to suit their specific risk profile.
Overall, Sompo’s modular offering for mid-market tech clients showcases the insurer’s commitment to delivering flexible, comprehensive, and customer-centric insurance solutions in a rapidly evolving and dynamic sector.
