Technology & Life Sciences Insurance
Why use a specialist for your IT insurance needs?
All insurance agents understand technology and biotech, right? Wrong. Unfortunately, most agents/brokers do not have the knowledge to properly address the risks associated with technology. If you find yourself "teaching" your agent about your industry, you need to consult with a technology insurance specialist.
The standard general liability policy excludes most of the critical risk issues that IT and biotech firms face. We address these issues using our Ideal Client Transformation process, and designing an effective risk management and insurance program for your unique exposure. The following represent industries we have specialized knowledge in:
- Software Developers
- Hardware Manufacturers/Assemblers
- Web Developers
- Value-Added Resellers
- System Integrators
- Security Consultants
- Telecommunications Providers
- International Operations
- E-Commerce
- ISP’s, ASP’s
- Nanotechnology
- WiFi Providers
- Life Sciences
- Biotechnology
Typical Coverages Include:
- Professional Liability (Technology Errors and Omissions)
- Network and Information Security Liability
- Communications and Media Liability
- General Liability
- Property
- Excess Liability / Umbrella
- Workers Compensation
- Commercial Automobile
- Hired & Non-owned Auto
- Employee Dishonesty & Crime
- Employment Practices Liability (EPLI)
- Directors & Officers
- Etc.
For more information on our technology/life sciences program, contact:
H. Garrett Droege, CLCS at 704-892-9297 Ext. 27, or send an email to info@jjwadeinsurance.com
Claims Scenarios
DESCRIPTION OF EVENT
A software solutions provider failed to live up time, performance and functionality commitments. These shortcomings resulted in a breach of contract, after it failed to implement a new system on time and with promised functionality.
The claim was valued in excess of $2 million in compensatory damages.
DESCRIPTION OF EVENT
A software company was sued by one of its prominent customers after using the company’s cost-estimating software. The customer alleged that a defect in the software caused several projects to be underbid. After a lengthy investigation, the software itself was found to have functioned perfectly, and the error was on the part of the user. The customer eventually dropped the case, but only after considerable legal expenses were incurred by the software company.
The claim was valued at $175,000.
DESCRIPTION OF EVENT
A software developer was sued in French courts for failing to deliver an operational version of a software system. The plaintiff alleged that the system sold and installed was not compatible with its mainframe systems, despite assurances to the contrary. The plaintiff sued for recovery of consequential damages.
The claim was valued at $600,000.
DESCRIPTION OF EVENT
A company provided timekeeping hardware and software to its customer. The software didn't function correctly; it failed to maintain employee hours worked and correctly apply the hourly and overtime rate of pay. The failure resulted in over/underpaying employees and the need to replace the timekeeping clocks. The customer sued the provider of the hardware and software.
The claim was valued at $440,000.