Sompo, an established insurer in the UK, has recently introduced a bespoke insurance product designed for middle-market clients.
The new offering reflects Sompo’s dedication to expanding its UK commercial lines business, offering innovative solutions to help middle market technology clients navigate complex risks effectively, according to Insurance Business Mag.
The new insurance package caters specifically to technology and telecoms services providers, and electronic product manufacturers and assemblers.
It encompasses coverages in property, casualty, professional indemnity (PI), and cyber, with the flexibility to provide excess PI and cyber separately.
The policy ensures clear and concise coverage with minimal restrictions and exclusions.
It also includes PI wording that incorporates intellectual property rights, breach of contract wording, worldwide cover on PI and cyber, and automatic additional insured coverage under PI and public and products liability.
The underwriting team supporting the new technology package boasts extensive experience in multiline technology, complemented by specialist risk engineers and a dedicated claims team.
Toby Harris will lead the firm’s technology practice in the UK, bringing over two decades of expertise in underwriting technology risks.
Sompo UK CEO Bob Thaker, stated, “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.
“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.”
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