PriyaPatel
TLDR:
– Sompo has launched a new technology insurance product for middle market clients in the UK
– The package includes property, casualty, professional indemnity, and cyber coverages
Main Article:
Sompo International has introduced a new technology insurance product tailored for middle market clients in the United Kingdom. This product offers a comprehensive range of coverages including property, casualty, professional indemnity (PI), and cyber insurance. Clients can also opt for excess PI and cyber coverage if needed. These covers are customizable to suit each client’s individual requirements.
The policy targets technology and telecoms service providers, electronic product manufacturers, and assemblers. It provides clear and concise coverage with limited restrictions and exclusions. Notable features of the policy include PI wording inclusive of intellectual property rights, breach of contract wording, and worldwide coverage on PI and cyber. Additionally, automatic additional insured coverage is offered under PI and public and products liability.
The UK Technology practice at Sompo is led by Toby Harris, a veteran with over 20 years of experience in underwriting technology risks. The multiline technology underwriting team, specialist risk engineers, and dedicated claims team provide support for the product. Sompo aims to position itself as a key player in the rapidly evolving technology sector by offering extensive coverage with minimal limitations.
Sompo International, a Bermuda-based holding company, is backed by more than 9000 employees. Its UK re/insurance business is underwritten by Endurance Worldwide Insurance Ltd. and risks within the European Economic Area are underwritten by SI Insurance (Europe) SA. This new product underscores Sompo’s commitment to innovation and growth in the UK commercial lines market.
