A lot of movement in the IT liability space
The product has been around for some time of course. It’s a combined policy usually addressing Professional Indemnity (“PI”) and General Liability for IT firms. PolicyComparison have generally addressed the policies by comparing them under separate PI and Liability comparisons so that brokers and their clients can see how they differ to normal PI/Liability wordings.
The main players are:
- Axis Specialty
- Chubb is quite unique and offers way more covers than the most others. It is quite a complex but comprehensive wording.
In the last 2 months the LMI Team have seen new releases of the following wordings along with many more requests from brokers for one off comparisons.
- CFC underwriting – insuring Clauses for PI/Cyber & Privacy/Multimedia Liability and Advertising Injury/Property/General Liability/Court Attendance Costs/Loss Mitigation and Reputation and Brand.
- Zurich – another very comprehensive wording
- Brooklyn (recently mentioned in Insurance news) http://www.insurancebusinessonline.com.au/news/leading-underwriter-releases-major-cover-update-200613.aspx
The Comparison team are also noticing a blurring of lines with cover policies now offering some cyber coverage.
I and the team at LMI PolicyComparison will continue to watch and keep readers posted on developments. Steve Manning head of LMI eServices and Sharron Walker, Operations Manager at LMI PolicyComparison are considering creating a new class but the need is not quite there yet but this may change. Let me know your thoughts and I will share it with Sharron and Steve.