Resilience has announced the launch of its Technology Errors & Omissions (E&O) coverage in a bid to add to its market-leading cyber insurance offering.
The solution will cater to U.S. organisations with $300m–$10bn in revenue, in a move designed to combat the increasing cyber risks faced by firms by providing comprehensive protection against liability arising from technology products and services.
With $10m in limits available for both primary and excess placements, this coverage ensures clients are adequately covered against potential cyber risks.
Mario Vitale, President of Resilience, stated,”Technology risk is often poorly understood by the insurance market, making Tech E&O a historically challenging offering for the commercial insurance industry to provide to their clients. However, with our track record of helping companies navigate a rapidly evolving and increasingly digital cyber risk landscape, Resilience is one of few MGAs able to offer this kind of coverage, particularly to midsize and large clients.”
Resilience’s Tech E&O coverage is backed by financially-proven risk models, data-driven decisions, and experienced underwriting and claims teams. This ensures each policy is tailored to fit the specific needs of individual companies, providing better coverage and proactive incident response capabilities to lower overall cyber risk.
Gavin Reed, Head of Underwriting, US at Resilience, said, “Our underwriting and claims teams bring years of experience in this line of business including reviewing and managing the complex intricacies of technology contracts that often lead to liability risks. That expertise is backed by our data science, our tech, and the A+ coverage and contract certainty that all our insurance offerings provide. The integration of all these capabilities puts us in a market-leading position to serve our clients.”
T. Michael Miller, CEO Global Specialty Lines at Intact, added, “Resilience has been a consistent partner for us in the cyber insurance space, introducing a unique model focused on increasing client security. We are pleased to see their continued growth, and with this announcement, support their cyber security solutions to customers and brokers in the upper end of the U.S. market of the Tech E&O space.”
Copyright © 2024 InsurTech Analyst
