What does Great Lakes Insurance Associates classify as a Technology Company?
- Software and Computer-Related Services
- Electronics Manufacturing
- Telecommunications
- Life Sciences (Medical Device and Pharmaceutical Manufacturing, and Bio-Tech Research)
We add endorsements to include the following coverage:
- Accounts Receivable (On- and Off-Premises Exposures)
- Computers & Media
- Debris Removal
- Property of Others
- Temperature Change
- Valuable Papers and Records (On- and Off-Premises Exposures)
- Airline Tickets - Theft Supplement
- Back Up of Sewers and Drains (Within Covered Property Limits)
- Brands & Labels (Within BPP Limits)
- Business Income from Dependent & Newly Acquired Premises
- Business Income: Off-Premises Utilities Services
- Claims Expense
- Computer Fraud
- Contract Penalties
- Contractor's Equipment
- (With abilitity to Blanket about covearges)
- Contractor's Tools
- Employee Dishonesty/ERISA
- Expediting Expenses
- Fine Arts
- Forgery
- Installations
- Laptop Computers Worldwide Coverage
- Newly Constructed or Acquired Buildings
- Off-Premises Utilities Services
- Outdoor Property
- Outdoor Signs
- Pairs & Sets (Within BPP Limits)
- Personal Effects
- Precious Metals Exception
- Property at Other Premises
- Property Off-Premises
- Salespersons' Samples
- Tenant Building Coverage-Required by Lease
- Theft of Molds (Within BPP Limit)
- Transit - Property in the Care of Carriers for Hire
- Valuable Papers - Prototype Design
- Valuation Changes
- Web Site Business Income
In addition you can add:
- Technology errors and omissions (E&O) liability protection
- Network and information security liability protection
- Communications and media liability protection
Why is Technology Errors & Omissions Coverage important to have?
Common reasons that E&O claims are made against a technology company include:
- Programming errors
- Poor customer communication
- Problems with large integration/installation project
- Delay in delivery resulting from:
- Development problems
- Problems with combining or integrating software or hardware components
- Customer changing project scope (often referred to as "project creep")
- Turnover of key personnel
- Short cuts during testing
- Poor accounts receivable controls that:
- Require the tech company to sue their customer for fees owed
- Result in a countersuit for negligence in the performance of their tech services/products
- Shortfall in externally furnished products or externally performed tasks
Typical Allegations in Litigation for E&O
- Negligence
- Breach of Contract
- Failure to perform
- Breach of Warranty
- Misrepresentation
- Fraud
In the time of a claim, will you be covered?