To address the specific technology risks of a variety of industries
XL Insurance, the global insurance operations of XL Capital (XL), has rolled out a new insurance policy, XL Eclipse, designed to address privacy and security risks of non-tech companies. XL Insurance also announced an enhanced technology errors & omission (E&O) policy, XL EclipsePro-specifically for technology products and service providers.
According to the company the new product offers a wide range of cyberliabilty coverage under one policy the include Network Security Liability, Media Content Services Liability, Privacy Liability, Extortion Threat, Crisis Management, Business Interruption, Credit Monitoring, Privacy Notification Costs, and Regulatory fines.
The company said that the coverage can be tailored to address the specific technology risks of a variety of industries, especially service providers such as lawyers, real estate or insurance agents, and medical offices. XL EclipsePro offers these cyberliabilty coverages but also incorporates technology E&O to address the professional liability needs of technology products and service providers.
Scott Schleicher, technology E&O manager at XL Insurance, said: Technology companies are not the only businesses susceptible to website disruptions, network breaches, lost data or other technological issues. Companies of all sizes and representing all industries use technology to perform significant aspects of their business. Therefore, they are also at risk of technology failure.
XL Insurance first introduced its technology E&O product in December 2008. We are constantly looking at ways to improve our products and services and keep pace with our clients’ changing risk management needs. These policies offer a complete package that can help both our tech and non-tech clients thoroughly and effectively address their tech risk.
Reportedly, XL Eclipse and XL EclipsePro are underwritten by XL Insurance’s Indian Harbor Insurance Company and are available with liability limits up to $10m. These coverages are administered through XL Insurance’s select professional unit that provides various miscellaneous professional liability coverages including E&O coverages for lawyers, real estate and insurance agents and other service providers.