Simple cover for complicated problems: Our new tech policy in action
Technology companies have evolved, so we’ve updated our tech policy to provide relevant and comprehensive cover for the innovative tech risks of today. To demonstrate how the cover works we’ve applied the policy to a fictional access control system company.
Highlights of our policy include products and services liability, breach of contract, subcontractors’ vicarious liability, intellectual property, network security and privacy liability, crime, business interruption and reputational harm. To demonstrate how the cover works we’ve applied the policy to a fictional access control system company.
The company entered a large contract with a multinational financial services company to provide access control systems to all their commercial locations. The contract specified that the company provide full system delivery, including software configurations and installations, as well as hardware design, manufacturing, and installation. Their solutions are deployed as a software-as-a-service (SaaS) model.