CNA Hardy, a specialist commercial insurance provider for clients within the Lloyd’s and company markets, announced the latest addition to its specialist technology product suite.
The product, called “Technology Package+” offers an updated, comprehensive suite of coverages including advanced cyber cover tailored to the needs of technology businesses.
Building on CNA Hardy’s existing Technology Package product, this policy has a more enhanced cyber offering compared to what currently exists in the UK general insurance market. The flexible package solution covers technology businesses of all sizes from small tech startups to large multinational corporations.
Launched on Jan. 1, 2023, Technology Package+ offers a broad risk appetite and capacity for up to £10 million for professional liability (PI) cover, and covers the following sub-sets: software, hardware, services, telecommunications, and micro segments (including fintech, defense, med tech, and insurtech businesses).
“With more than one million technology professionals in the UK alone, CNA Hardy has created an insurance policy that is responsive, relevant and up-to-date,” said Mark Armstrong, UK Technology Segment Leader at CNA Hardy. “We have to provide clients with risk transfer mechanisms and peace of mind – our enhanced Technology Package+ solution offers a clearly-worded, unambiguous policy with a bigger focus on cyber coverage, which will allow our technology customers to continue to do what they do best – innovate and grow.”
Many policies in the market include third party cyber liability within its PI cover. CNA Hardy now offers comprehensive cyber coverage as a stand-alone feature. The enhanced Technology Package+ includes all the relevant cyber covers, as well as enhancements on the original product in one package, offering a full suite of coverage for technology companies.
The policy offers the following cover as standard: professional indemnity (PI), property, commercial liability, first party cyber and third party cyber.
“We are an underwriting company and believe that our products should provide up-to-date and responsive coverage. We should not be hiding behind exclusionary language, but instead be offering a product that gives our clients everything they need in one place. That’s what insurance is all about,” commented Armstrong.
Source: CNA Hardy
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