Multiline property and casualty insurer ACE Group has introduced new professional indemnity insurance solution for technology companies, ACE Tech Pro.
The new solution has been designed for technology companies in Continental Europe, ranging from consultants working alone or in smaller and medium-size businesses to upper mid-market and larger companies.
ACE Continental Europe financial lines regional manager Grant Cairns said: "In today’s more litigious environment, technology firms of all types that provide professional advice, handle customer data and work with intellectual property can find themselves subject to legal challenge regarding the services they provide."
ACE Tech Pro covers the pure financial losses of a third party due to wrongful acts committed by the insured, including its employees, during the normal exercise of their duties across different countries.
It covers the losses being occurred due to malpractice, errors or omissions, negligence and reckless acts, project delay, accidental disclosure, breach of confidentiality and privacy breach as well as lack of performance.
In addition, the new solution covers insureds for defamation, transmission of a computer virus, loss of documents, infringement of intellectual property rights and defence costs in connection with a covered claim.
The new proposition merges ACE’s existing professional indemnity, offering in many countries. It was introduced in France in 2014 and will be made available in other markets this year, including Spain, Italy, Poland, Switzerland, the Czech Republic and the Nordic region.
Image: ACE North American headquarters at Philadelphia. Photo: courtesy of William Taufic 2010.