Chubb launches new package policy for tech firms
Written by staff reporter
Chubb has launched a new solution for technology companies. The first and third party policy is designed specifically for the unique insurance needs of technology developers, producers and distributors in the UK and Ireland operating in the middle market either domestically or on a multinational basis.
MasterPackage for technology companies has been developed in response to the exponential growth of the technology industry in recent years. UK digital tech investment reached £6.8billion in 2016, according to the latest Tech Nation 2017 Annual Report. This figure is 50% higher than any other European country. The report said turnover of UK digital tech businesses was estimated to be £170billion in 2015, an increase of £30billion in just five years.
MasterPackage for technology companies includes in one policy all of the technology company’s property, business interruption, employers’ liability, public liability, product liability, professional indemnity and cyber covers. It allows seamless claims handling because all products are purchased from a single carrier. This makes reporting a loss much easier and also means that customers do not have to wait on two (or more) insurers reaching a decision. This product is customer oriented and can be purchased as a complete package providing the covers highlighted below, or can be tailor-made to respond to the insured’s specific business and insurance-buying requirements.
Covers available within the MasterPackage for technology companies policy are PI, cyber, EL, PL, EIL, product liability, marine cargo, terrorism, BI and property damage.