Insurer Sompo has announced the launch of its new technology insurance product, which is made for middle market clients, with coverage being optional and customised based on what they may need.
Sompo UK CEO Bob Thaker said that the new product highlighted its commitment to the growth of its UK commercial lines business.
“The launch of our new technology product demonstrates our commitment to growing our U.K. commercial lines business through innovation and developing solutions that enable our middle market technology clients to manage today’s most complex risks,” said Thaker.
“It also further establishes Sompo as a key player in the fast-paced and rapidly evolving technology sector. We recognise this is a competitive market and are looking to provide extensive coverage for our clients, with as few limitations as possible,” he added.
The new insurance package which is made for technology and telecoms services providers, and electronic product manufacturers and assemblers includes coverages in property, casualty, professional indemnity (PI), and cyber. It also allows excess PI and cyber to be provided separately.
As the products provide clients with clear and concise coverage that bears limited restrictions and exclusions, the policy also offers PI wording that is inclusive of intellectual property rights, breach of contract wording, worldwide cover on PI and cyber, and the automatic additional insured coverage that is under PI and public and products liability.
Backing the new technology package is an underwriting team with experience in multiline technology along with specialist risk engineers as well as a dedicated claims team.
The firm’s technology practice in the UK is helmed by Toby Harris, who brings more than two decades of experience in underwriting technology risks.
Sompo is a global provider of commercial and consumer property, casualty, and specialty insurance and reinsurance.
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