Industries / Technology
Insurance for technology
When the service fails, the client's loss becomes yours.
Technology errors and omissions, cyber and management liability for software, platform and IT services companies.
New South Sea for technology
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- Clients in this sector
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- Lines placed per client, median
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- Premium placed, HKD
01 Exposures
Named risks
Each risk, what it costs when it happens, and how the programme may respond.
Service failure
Outages and defects lead to claims for the client's lost revenue, often far above contract value.
Technology E&O that may respond to the client's financial loss, not only physical damage.
Data held for clients
Breaches of client data trigger liability under the PDPO and under contract.
Cyber with privacy liability and regulatory cover under the PDPO.
Fundraising and investor claims
Each funding round adds directors' duties and investor expectations.
D&O written for the next round, with run-off agreed before a sale.
Contracts with uncapped liability
Enterprise clients push for unlimited indemnities that no policy will match.
Contract review before signing, so limits and caps match.
02 The programme
Typical insurance programme
The final structure depends on your contracts, sites and balance sheet. This is where the review starts.
- Professional indemnityCover responds to the claim, not the mistake. The retroactive date decides the rest.Line detail
- CyberUnderwriters price the controls. The questionnaire is the submission.Line detail
- Directors' and officers' liabilityThe policy belongs to the company. The protection belongs to the people.Line detail
- Crime and fidelityMost losses come from inside the company or from an email that looks like it did.Line detail
03 How we work
How we work
- 01ReviewStart with the exposures, not last year's schedule.
- 02PrepareThe underwriting file is the submission.
- 03MarketSelected markets, not a circulated list.
- 04BindThe policy is checked against the quote.
- 05ClaimsA named claims contact from the first notice.
“[Client quote, two sentences at most, on a renewal or claim New South Sea handled.]”
Questions
Is cyber the same as tech E&O?
No. Cyber responds to your own network event. Tech E&O responds when your service causes a client's loss. Most technology firms need both.
What limits do enterprise clients expect?
It depends on the contract. We review client requirements before renewal so limits are set once, not negotiated deal by deal.
Does cover apply to clients in other countries?
Only within the policy's territorial and jurisdiction limits. Check them before signing a client contract governed by foreign law.
Ready when you are
Send us the risk the last broker could not place.
Direct line[enquiries email]Monday to Friday, 9:00 to 18:00 HKT