Specialist insurer Beazley announced that it has updated its insurance policy for the media and tech industry.
In a statement, Beazley said that it updated its policy “to keep pace with the rapidly evolving technology market and cyber threat landscape faced by firms as they seek to innovate and grow.”
Beazley added that its media/tech policy was streamlined “to provide clear and concise wording and seamless protection, combining comprehensive errors and omissions ('E&O') and media liability insurance with cyber coverage.”
Beazley said that its E&O and media coverage includes:
- Broad professional liability to address the need to cover non-technology professional services;
- Unintentional breach of contract for professional liability exposure;
- Online and offline media, including content published on social media;
- A wide range of trade secret misappropriation claims;
- Unfair competition alleged with copyright or trademark infringement;
- Mental anguish and emotional distress; and
- Defamation, invasion of privacy and plagiarism.
Cyber coverage also has been incorporated into the policy, including:
- Breach response costs;
- First-party coverage for cyber extortion;
- Data recovery costs;
- Business interruption and dependent business interruption resulting from security breaches and system failures; and
- E-crime coverage for fraudulent instruction fraud, funds transfer fraud and telephone fraud.
Beazley added that, to ensure clients can reduce their cyber exposure and be prepared in the event they fall victim to a breach, it offers access to a “full suite of pre-breach and risk management services” through its in-house Beazley breach response services team.
Bob Wice, Beazley's head of U.S. cyber and tech, said that Beazley's media/tech policy “has been designed to protect firms that are at the cutting edge of using and developing new technology in exciting and often experimental ways. We've enhanced our offering to ensure it keeps pace with the evolving risk landscape.
“Our policy is underpinned by a market-leading claims service, provided by our cyber and tech claims team, which understands the liabilities technology companies face and will provide first-class support in the event of a loss.”
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].