The market for cyber liability insurance continues to expand with new specialty products, including a recently launched offering tailored to cover information technology risks.
Offered from OneBeacon Technology insurance, a member of OneBeacon Insurance Group, Information Technology Solutions-Complete is a modular technology professional liability product. The coverage is intended to address technology companies’ exposure to cybersecurity and communication liability risks, with customizable options from its first- and third-party coverage offerings.
The product is also available to cloud-based services, said OneBeacon Technology Insurance President John Wurzler. It will eventually be written on an admitted basis in all states, with maximum coverage limits of up to $10 million.
“With Information Technology solutions, we address the potential gaps in traditional liability coverages to seamlessly help businesses as they strive to safeguard personal information,” Wurzler said in a statement. “What’s more, this product recognizes the growth of cloud-based services, which puts that sensitive data into the hands of third-parties.”
In addition to the coverage, policyholders will have access to a “broad array” of risk management and response services to help mitigate and manage breach incidents.
“We have partnered with several leading risk management organizations to offer comprehensive end-to-end expert services both before – and if – an event happens,” said OneBeacon Technology Senior Vice President David Molitano.
Agents and brokers interested in additional information about the product should contact their local OneBeacon partners or visit
www.onebeacontech.com/its.
OneBeacon Technology Insurance offers underwriting solutions for technology, life science and medical technology, and telecommunications industries. Additional products include errors and omissions, products liability and professional coverages.
