ACE Group announced the launch of ACE Tech Pro, a comprehensive insurance solution for technology companies, as part of its strategy to meet the changing professional liability needs of different industries in Continental Europe.
ACE Tech Pro is designed to support technology companies in Continental Europe, from consultants working alone or in smaller and medium-size businesses, through to upper mid-market and larger companies, including European-based multinationals requiring tailor-made global insurance programs.
The policy covers the pure financial losses of a third party due to wrongful acts committed by the insured, including its employees, during the normal exercise of their duties across different countries, ACE said in a statement. This includes malpractice, errors or omissions, negligence and reckless acts, project delay, accidental disclosure, breach of confidentiality and privacy breach as well as lack of performance.
ACE Tech Pro also covers insureds for defamation, transmission of a computer virus, loss of documents, infringement of intellectual property rights and defense costs in connection with a covered claim.
The proposition consolidates ACE’s existing professional indemnity offering in a number of countries, while additionally extending it to new markets. It was launched in France in 2014 and will be rolled out to other core markets during 2015 including – for the first time – Spain, Italy, Poland, Switzerland, the Czech Republic and the Nordic region.
Grant Cairns, regional manager, Financial Lines for ACE in Continental Europe, said:
“In today’s more litigious environment, technology firms of all types that provide professional advice, handle customer data and work with intellectual property can find themselves subject to legal challenge regarding the services they provide. Increasingly, many of the technology industry’s clients also expect insurance cover to be in place and may ask to see an insurance certificate.”
Jeff Moghrabi, regional president, Continental Europe at ACE, said:
“ACE Tech Pro responds to the dynamics of the changing market for tech companies and reflects our capability to tailor professional indemnity solutions to the needs of Continental Europe’s specialist and fast-growing industries and sectors. Brokers can also access ACE Tech Pro as part of a wider casualty solution at ACE that potentially covers all their clients’ liability risks.”
Source: ACE Group
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