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Errors and Omissions (Technology) Insurance

The cover designed to safeguard the interests of IT/ITeS companies

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Errors and Ommissions Insurance Policy

For technology companies operating in these markets, this insurance is a 'must have' for balance sheet protection.

If the performance of technology business activities for a client results in a claim against the insured for financial compensation, including an injunction or restraining order, during the policy period due to any: 
  • Unintentional breach of a written contract with a client to design, produce or supply deliverables due to:
    • The deliverables not conforming in all material respects with any written specification that forms part of the relevant contract and where it is an express term of the contract that the deliverables must comply with that specification;
    • The deliverables containing a material defect;
    • The deliverables failing to meet any implied statutory term concerning necessary quality, safety or fitness;
  • Negligent act, negligent error, negligent omission, negligent misstatement, negligent misrepresentation or breach of any express or implied contractual duty to use reasonable care and skill.
  • Infringement of intellectual property rights (but not any patent or trade secret) including copyright, trademark, trade dress or moral rights or an act of passing-off.
  • Breach of confidence or infringement of any right to privacy, misuse of any information which is either confidential or subject to statutory restrictions on its use.
  • Defamation.
  • Civil liability but not any liability for breach of contract beyond that specifically set out above.

 Like any other insurance policy, this policy also does not respond to every conceivable claim or loss. This Policy will not make any payment for any claim or part of a claim or loss including any costs or expenses which would otherwise be covered by this policy, directly or indirectly arising from, or due to:
  • The failure or interruption of the service provided by an Internet service provider or any telecommunications or another utility provider except when the insured provides those services.
  • Any actual or alleged infringement of any patent.
  • Non-payment, part-payment, late payment, the unauthorized or fraudulent use or misuse of any credit, debit, charge or store card. This does not apply to a claim for breach of a right to privacy or confidentiality where a hacker has caused the insured to unintentionally infringe a third party's right to privacy.
  • Any personal liability incurred by a director or officer of the insured when acting in that capacity or managing the insured’s business.
  • Fines or contractual penalties.
  • Any virus, worm, logic bomb or a Trojan horse that indiscriminately replicates itself and is automatically disseminated on a global or national scale or to an identifiable class or sector of users unless created by a hacker.
  • Any failure by any equipment (including any hardware, firmware or software) to correctly recognize any given date or to process any data or to operate property due to any failure to correctly recognize any given date.
  • Any defect in any deliverables which is solely the responsibility of the supplier, manufacturer or originator other than the insured. This exclusion does not apply to any amount that the insured satisfies us is legally able to recover under a written contract with a third party.

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