Schaumburg, Ill. - Commercial P&C carrier Zurich is targeting the needs of technology customers by providing a range of coverages designed specifically for mid-sized businesses. Zurich 's focus is on the creators and builders of technology products rather than end-users.
Zurich's new specialized solutions for electronics manufacturing, information technology, digital and electronic communications, factory automation and medical technology companies include proprietary products such as its Property Portfolio Protection (P3) form and coverages for errors & omissions (E&O), as well as standard coverages for general liability, business auto, umbrella and workers' compensation. Zurich will utilize its global network to ensure that these coverages and related risk management services are available throughout a customer's technology supply chain, the company reports.
Among the solutions is Zurich 's new P3 form - a policy developed, in part, to address technology risks - that provides broader coverage, more flexibility and has fewer exclusions than standard ISO property forms. Its technology-specific options include: coverage for costs associated with the restoration of vital, proprietary business information stored on various types of storage media; losses involving research and development activities; and contingent business interruption insurance of subcontracted operations anywhere in the world.
Zurich 's special technology E&O coverage provides companies with features that address their specific needs, such as protection against claims made by users when hardware or software fails to perform as expected, causing economic loss.
The core of Zurich 's approach is a combination of products, infrastructure and specialized capabilities in this market segment.
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