PriyaPatel
TLDR:
Resilience has launched Technology Errors & Omissions (E&O) coverage aimed at U.S. organizations with $300m – $10bn in revenue to combat increasing cyber risks. With $10m limits available, this coverage provides comprehensive protection against liability from technology products and services.
Key Elements:
- Resilience launches Technology Errors & Omissions (E&O) coverage for U.S. organizations with $300m – $10bn in revenue.
- Coverage offers $10m limits for primary and excess placements, protecting clients against cyber risks.
- Resilience’s Tech E&O coverage is backed by risk models, data-driven decisions, and experienced underwriting teams tailored to fit specific company needs.
- Partnership with Intact to support cyber security solutions in the Tech E&O space for clients and brokers in the upper end of the U.S. market.
Resilience has introduced a new Technology Errors & Omissions (E&O) coverage targeting U.S. organizations with revenue ranging from $300m to $10bn. This move is in response to the escalating cyber risks faced by firms, providing comprehensive protection against liability arising from technology products and services. The coverage offers $10m limits for both primary and excess placements, ensuring that clients are adequately covered against potential cyber risks.
Mario Vitale, President of Resilience, highlighted the lack of understanding of technology risks in the insurance market, making Tech E&O coverage historically challenging. However, Resilience’s track record in cyber risk management allows them to offer this coverage to midsize and large clients. The Tech E&O coverage is supported by proven risk models, data-driven decisions, and experienced underwriting and claims teams, tailoring policies to fit individual company needs for better coverage and incident response capabilities to lower overall cyber risk.
Gavin Reed, Head of Underwriting, US at Resilience, emphasized the team’s expertise in technology contracts and underwriting to manage liability risks in the Tech E&O space. With support from data science and superior coverage, Resilience aims to serve clients effectively. T. Michael Miller, CEO Global Specialty Lines at Intact, acknowledged Resilience’s effort to enhance client security in the cyber insurance sector and expressed support for their cyber security solutions in the upper end of the U.S. market.
