US-based OneBeacon Technology Insurance has introduced a modular technology professional liability product in a bid to address exponential exposure of technology companies to cybersecurity and communication liability risks.
The Information Technology Solutions – Complete (ITS) product has a menu-driven approach.
This approach will enable customers to customise with a common set of definitions, conditions and exclusions from the available first and third-party coverages.
OneBeacon Technology Insurance president John Wurzler said: "With Information Technology Solutions, we address the potential gaps in traditional liability coverages to seamlessly help businesses as they strive to safeguard personal information.
"What’s more, this product recognizes the growth of cloud-based services, which puts that sensitive data into the hands of third-parties."
OneBeacon Technology senior vice-president David Molitano said: "Information Technology Solutions policyholders will also benefit from a broad array of risk management and response services to help mitigate and manage data breach incidents.
"We have partnered with several leading risk management organizations to offer comprehensive end-to-end expert services both before – and if – an event happens."
ITS will eventually be written on an admitted basis in all states, the company said.
Recently, Technology Councils of North America (TECNA) selected OneBeacon Insurance Group as its exclusive technology insurance partner beginning in 2016.
The partnership will allow TECNA member companies to access OneBeacon’s property-casualty insurance products and services.
Image: OneBeacon’s new product has a menu-driven approach. Photo: courtesy of Vichaya Kiatying-Angsulee/FreeDigitalPhotos.net.