Mosaic Insurance has announced that its cyber division has launched excess capacity and coverage for a new product intended to protect technology sector companies from rapidly emerging liability risks.
Mosaic now offers excess technology errors and omissions coverage as companion cover to cyber for businesses ranging from artificial intelligence, virtual reality, edtech, and IT consulting firms to data analytics companies, software-as-a-service companies and peer-to-peer platforms. The product is available globally through Mosaic’s cyber hubs in London, Bermuda and the US, with a minimum attachment point of $10 million. It is underwritten through Mosaic’s Syndicate 1609 with capacity from both Mosaic and partner carriers.
“We’re excited to announce the progression of our cyber strategy and product offering as we expand into technology E&O,” said Yosha DeLong, global head of cyber at Mosaic. “The ability to offer tech E&O and cyber on an excess basis is focused on providing needed solutions to the challenges faced by our clients in an increasingly interconnected world.”
Tech E&O protects against liability or losses stemming from third-party use of products or services. The rise of cyber exposure increases related risks to software and hardware manufacturers, electronics and service providers, and telecom systems, Mosaic said.
“I’ve been writing tech E&O for nearly 15 years, and while today’s headlines are focused on cyber, the underlying need for tech companies to purchase protection has also increased,” said James Tuplin, head of international, cyber, at Mosaic. “Clients and brokers are asking for more capacity, but have been unable to find it. We’re happy to support them with this new excess capability we’re bringing to the market.”