Professional Indemnity (PI) product designed to protect IT Professionals
Novae Insurance Company Limited has launched a new product tailored for the IT industry, the Professional Indemnity (PI) for IT Professionals.
Jon Morgan, Unit Head of Novae Insurance's regional financial lines division, said it has been developed according to the needs of the industry – a sector which has grown substantially over the last 20 years.
He added: "IT professionals are becoming much more aware of the risks they face daily and the potential for large losses as a result of litigation. In response, we have developed a market-leading product backed by the flexible underwriting philosophy needed to address their concerns.
"The most common claims against IT specialists involve the end system not matching the client's specification. Our cover addresses this issue by protecting against such breaches of contract.
"Our wording allows for breach of contract to design or supply deliverables plus consequential loss, along with standard covers such as libel and slander, dishonesty of employees and unintentional infringement of intellectual property rights.
"Cover extends to defence costs and expenses and it is the combination of the different enhancements and a flexible underwriting approach which makes us a market leader.
"The key to our success has always been innovative underwriting and a portfolio of wordings to match. The launch of our new IT wording, along with an updated portfolio of directors' and officers' liability (D&O) and financial institutions (FI) wordings will ensure that we continue to go from strength to strength."
