Sompo International, a leading global insurance provider, has recently introduced a new insurance product designed specifically for technology businesses in the middle market segment in the UK. This innovative package offers clients the flexibility to customize their coverage based on their unique needs, with options to add excess Professional Indemnity (PI) and Cyber coverage separately.
The target audience for this product includes telecom service providers, electronic product manufacturers and assemblers. Sompo International emphasizes that their policy is clear and concise, with minimal restrictions and exclusions. This makes it easier for clients to understand their coverage and manage their risks effectively.
One of the standout features of this policy is the modular wording that allows clients to choose from a range of coverages that include Property, Casualty, Professional Indemnity (PI), and Cyber. Additionally, Bob Thaker, UK CEO of Sompo International, expressed his company’s commitment to providing innovative solutions for technology clients in the middle market. He stated that by offering comprehensive coverage with few limitations, Sompo aims to solidify its position in the competitive technology sector and help clients manage complex risks effectively.
The PI coverage provides protection against Intellectual Property Rights breaches and breach of contract wording, with worldwide coverage for both PI and Cyber. Additionally, Automatic Additional Insured coverage is included under PI and Public and Products Liability.
Overall, this new insurance product from Sompo International is an excellent choice for technology businesses in the middle market looking for flexible coverage options tailored to their specific needs. With its clear policies and minimal restrictions/exclusions, it’s a great way to manage complex risks effectively while also ensuring compliance with regulatory requirements.
