This product is generally for firms with annual revenues of less than $75 million – a growing market in the technology industry.
San Francisco, CA (PRWEB) February 21, 2013
Facility has binding authority and same-day quotes
Corona Underwriting recently launched a Technology E&O program designed to provide complete coverage and fast service to its target audience. For the Technology E&O program, Corona has partnered with Lloyds of London (Syndicate 4711) to offer an exclusive form to technology firms within the United States that have revenues under $75 million. (Larger risks are written will with London 1-day referral).
“Our newest offering, the Technology E&O program offers broad coverage for E&O, media, intellectual property, network security and privacy risks,” according to Garrett Koehn, President of Corona Underwriters. “This product is generally for firms with annual revenues of less than $75 million – a growing market in the technology industry. However, larger firms can be referred to the carrier.”
The Technology E&O/Cyber Program includes:
- Broad E&O coverage for technology related services and products
- Media Liability for personal and advertising injury protection
- Intellectual property coverage, excluding patent liability
- Network security and privacy liability
- Sub-limits for privacy notification costs associated with a breach of content, as well as other crisis management expenses that may be incurred by the insured firm.
Corona underwriting can provide limits up to $15 million are available. The facility can also quote and bind with other carrier applications.
Several factors distinguish the Technology E&O coverage provided by Corona Underwriting.
1. Coverage for privacy claims brought by employees against the entity.
2. The security/privacy coverage in the program is expanded to include theft of personally identifiable information and failure to disclose a breach of privacy.
3. Punitive Damages coverage where Insurable by law with language favoring the most favorable venue.
4. And automatic coverage for acquisitions as long as the subsidiary doesn’t represent more than a 25% increase in total assets, employee count, or gross revenue.
Corona Underwriting has binding authority and can issue quotes the same day submissions are received.
About Corona Underwriting. Corona Underwriting provides coverage to markets within the professional liability commercial arena that are underserved. All insurance products with the Corona Underwriting facility are supported with highly rated carriers. The key tenants for Corona’s programs include quality contractual language, disciplined and creative underwriting and highly responsive service.