IAITAM Announces the First Comprehensive Insurance Program Tailored for Companies Who Actively Manage Their IT Assets

Share Article

IAITAM announced the launch of an innovative insurance program that is available exclusively to IAITAM members. The IAITAM IT Asset Insurance Program will be underwritten by an "A+" rated London market as well as an "A" rated US insurer. Both products within the Program will be exclusively brokered by Hilb Rogal & Hobbs Company (HRH). The IAITAM Information Asset Insurance Agreement provides comprehensive business interruption and data restoration coverage for members who sustain a loss of data arising out of a variety of causes. The IAITAM Software Protection Insurance Agreement provides comprehensive copyright, trademark, and database rights infringement coverage for members faced with infringement claims based on their internal use of software.

Our Program is a significant advancement for organizations struggling with potential asset management compliance audits or the ramifications of an IT systems failure

International Association of Information Technology Asset Managers, Inc. ("IAITAM") today announced the launch of an innovative insurance program that is available exclusively to IAITAM members. The IAITAM IT Asset Insurance Program (the Program) will be underwritten by an "A+" rated London market as well as an "A" rated US insurer. Both products within the Program will be exclusively brokered by Hilb Rogal & Hobbs Company (HRH), the eighth largest insurance and risk management intermediary in the United States, with more than 140 offices throughout the world.

Within the Program, the IAITAM Information Asset Insurance Agreement provides comprehensive business interruption and data restoration coverage for members who sustain a loss of data arising out of a variety of causes, including: network security breach, accidental damage, third-party sabotage, or natural disaster. The key difference between this insurance agreement and other property loss insurance agreements is that there is no need to demonstrate damage to physical property to qualify for coverage. The covered property here is the intangible data of a company.

The IAITAM Software Protection Insurance Agreement provides comprehensive copyright, trademark, and database rights infringement coverage for members faced with infringement claims based on their internal use of software - the sort of claims routinely brought by BSA or SIIA on behalf of large software vendors. This comprehensive insurance agreement also provides coverage for open source usage, which may be a growing concern to companies on the heels of the Jacobsen v. Katzer, No. 06-CV-1905 (Fed. Cir. August 13, 2008) decision defending the rights of open source copyright holders.

Members can choose to purchase either one or both insurance agreements and will derive an underwriting credit should they also purchase the IAITAM Best Practice Library. In order to qualify for this Program, IAITAM members will need to have one IT Asset Management professional certified by IAITAM or another IT asset management certifying body per 2,500 corporate IT systems, i.e., desktop, laptop, or server.

"Our Program is a significant advancement for organizations struggling with potential asset management compliance audits or the ramifications of an IT systems failure," said Barbara Rembiesa, president of IAITAM. "Organizations engaged in active asset management practices now have access to comprehensive insurance specifically tailored for the enterprise which will reinforce best practice implementations already in place and assist in their efforts to maintain IT compliance long-term. The next time a member asks me if there is specialized insurance that meets their IT asset management needs; I can finally answer 'yes'."

"We worked long and hard to apply the vision of Barbara Rembiesa to come up with insurance agreements that will truly make a difference for IAITAM members. We are confident that these unique products will fill significant gaps in the risk management programs of IAITAM members and look forward to helping them out." said Paul Paray, Senior Vice President of HRH's New York City office.

In order to qualify for the Program, the IAITAM Member must be in good standing. With more than 3,000 members worldwide, IAITAM is the largest organization of its kind, and offers the industry's largest certification program for IT Asset Management. For more information about the IAITAM IT Asset Insurance Program visit http://www.iaitam.org or contact Paul Paray at 212-907-5934 or Paul.Paray @ HRH.com.

About IAITAM:
International Association of Information Technology Asset Managers, Inc. ("IAITAM") is the professional association for individuals and organizations involved in any aspect of IT Asset Management ("ITAM"), Software Asset Management ("SAM"), Hardware Asset Management, and the lifecycle processes for IT Asset Management in organizations of every size and industry across the globe. Serving IT Asset Management professionals in more than eighteen countries around the world, IAITAM's mission is to provide centralized real-world based skills development for the IT professional and to promulgate an understanding of IT Asset Management best practices and their value to an organization. Through specialized training, IAITAM provides a common base of understanding, terminology and a broader perspective on the opportunities for IT Asset Management through the contributions of its Members. Members include specialists in Software Asset Management, Hardware Asset Management, Negotiations, Procurement and Property Management, just to name a few. IAITAM is unique in that providers of services and tools are included as Members of the Association, offering an equal opportunity to add their knowledge and experiences into the centralized information source that is IAITAM. http://www.iaitam.org

###

Share article on social media or email:

View article via:

Pdf Print