Lexington Insurance, a Chartis company, has launched Parity, a technology contract risk policy. Parity protects organizations from potential losses and expenses resulting from the negligence of a technology professional.
Lexington says that, due to a technology professional's negligence, organizations may suffer losses not recoverable from that professional because of a contractual limitation of liability. Parity responds by covering business interruption losses, amounts owed to the insured's clients, costs to correct the error and expenses to engage a new technology vendor to complete the project, if necessary.
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