Mosaic Launches Primary Tech E&O Coverage
Mosaic Insurance’s cyber division has launched primary technology errors and omissions [E&O] coverage to protect tech companies from increasing liability risks.
A spokesperson said, “The launch builds on Mosaic’s primary cyber offering initiated last spring and activates primary Tech E&O as a blended product globally; previously it was offered on an excess basis only. Coverage mitigates against rising threats facing businesses contracted to provide tech products, including artificial intelligence, virtual reality, edtech, IT consulting, data analytics, software as a service [SaaS], and peer-to-peer platform services.”
Mosaic’s Global Head of Cyber Yosha DeLong.
“We understand how intrinsically linked cyber exposure is with technology-related liability, so we’re thrilled to now offer primary tech E&O in conjunction with our primary cyber product on a global basis,” said Yosha DeLong, Mosaic’s Global Head of Cyber. “This expansion aligns with our strategy to provide needed solutions to our clients and partners.”
The spokesperson said, “Offering up to $15 million in capacity via both its own Syndicate 1609 and a consortia of syndicated capital partners, Mosaic is making primary Tech E&O coverage available via underwriting hubs in London, the US, Canada, Europe, and UAE.”
“Technology services and products are becoming ever more complex and, at the same time, integral to business, thereby increasing the risk and costs of software failure,” noted James Tuplin, Mosaic’s Head of International, Cyber, who has 17 years’ experience underwriting in the sector. “We’re increasing our product suite to meet that demand and help clients best protect themselves from these growing digital risks.”
The spokesperson said, “Clients will benefit from Mosaic’s partnership with tech pioneer Safe Security, which integrates granular telematics into its cyber underwriting process. The “inside-out” view using APIs delivers real-time insights into the likelihood and dollar-value risk of cyber breaches across corporate environments.
“Cyber is one of seven lines of specialty business Mosaic underwrites. The firm also covers transactional liability, political risk, political violence, environmental liability, financial institutions, and professional liability.”
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