ACE Group launched a suite of professional indemnity (PI) wordings aimed exclusively at media companies domiciled outside the USA and Canada as it continues to expand its specialist capabilities for this growing sector of the economy.
Technological developments are creating new challenges and risks for the media industry. To respond to this rapidly changing and increasingly complex risk environment, ACE has developed a suite of four new wordings tailored for the digital age aimed at broadcasters, media companies, producers and publishers.
The new wordings offer broad coverage for the specific exposures faced by the media industry. In addition, clients will benefit from ACE’s ability to respond to global professional indemnity and errors and omissions requirements with worldwide jurisdiction as well as global issuance of local policies.
The cover includes defamation, confidentiality and privacy coverage, and breach of contract including breach of licence (where the insured exceeds express limitations regarding the territory, duration or medium of distribution of a third party’s copyrighted material), and breach of authority (where the insured is committed to pay for media space or print time but in respect of which the insured’s client refuses to pay due to allegations that the insured acted outside of their authority).
It also covers breach of intellectual property including coverage to pursue those who have breached the insured’s intellectual property, breach of comparative advertising regulation, the costs to withdraw content which has been the subject of a complaint to OFCOM/the Advertising Standards Agency in addition to standard mitigation coverage, defence costs for proceedings or investigations brought under the data protection act and subpoena defence costs to challenge the scope of any subpoena to a court of England and Wales ordering disclosure of any information or material relating to any confidential source.
Steve Driscoll, Product Head, UK and International Professional Lines, ACE Global Markets, said: "While ACE has been providing professional indemnity cover for many years, we are always looking at ways to respond better to clients’ needs and develop our covers accordingly. In today’s digital age, media companies face very specific exposures to which we are responding with this suite of covers. In addition, our team of underwriters brings with them a wealth of experience in underwriting professional indemnity with Adelle Gruber who has significant experience in the London market and Geoff Russell in dealing with our broker community and customers in the regions outside London."