According to David Molitano, XL Insurance's Technology E&O manager: "Today, companies rely on various technologies to conduct some or many aspects of their business. Technological systems however are not fail-proof, and when they do fail, the companies responsible for providing the technology product or service can be exposed to costly E&O claims."
"While all service providers can face potential E&O claims, E&O risks vary by industry," said Mr. Molitano. "Technology companies therefore benefit from specialized professional liability coverage, like XL Tech,SM that is tailored to address their industry-specific risks and delivered by underwriters and claims professionals who have an in-depth understanding of tech risks and how to manage them."
Mr. Molitano added: "The coverage is extensive by our industry standards and is designed for all kinds of technology providers – from data processing companies to Internet service providers, from software developers to records management firms, from medical software companies to webpage designers."
XL TechSM offers a wide range of coverage under one policy form, including:
- Miscellaneous Professional Liability
- Technology Services
- Technology Products
- Network Security
- Media Content and Services
- Privacy Liability
Other policy highlights include:
- Sub limits for Privacy Notification Costs and Regulatory Defense
- Software Copyright Coverage
- Worldwide Coverage with Duty to Defend language
- Coverage for Independent Contractors
- Punitive Damage coverage with most favorable venue wording
- A provision for early claim resolution
XL TechSM is underwritten by XL Insurance's Greenwich Insurance Company and Indian Harbor Insurance Company and is available with liability limits up to $10 million. The XL TechSM policy is administered through XL Insurance's Select Professional unit which works with various brokers and wholesalers to address the E&O insurance needs of small to mid-size service providers including lawyers, consultants, TPAs, ad agencies, franchisers, real estate agents, insurance agents, technology companies and non-medical service providers.
About XL Insurance
"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL) group of companies. More information about XL Insurance is available at http://www.xlinsurance.com. Through its operating subsidiaries, XL Capital Ltd is a leading provider of global insurance and reinsurance coverage and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.