Mosaic Insurance coverage, a Bermuda-based specialty insurer, has expanded its product line to incorporate main expertise errors and omissions (tech E&O) protection.
The brand new providing is designed to defend expertise firms from the rising legal responsibility dangers related to offering tech merchandise.
With as much as $15m in capability, Mosaic’s protection is accessible by its Syndicate 1609 and a consortium of syndicated capital companions.
The protection is on the market by underwriting hubs in markets akin to London, the US, Canada, Europe and the United Arab Emirates.
It addresses the escalating threats that companies face when contracted to ship tech merchandise akin to synthetic intelligence, digital actuality, schooling expertise, IT consulting, information analytics, software program as a service, and peer-to-peer platform companies.
This launch builds upon Mosaic’s main cyber providing, which was launched in Could 2023 in collaboration with Secure Safety.
Entry essentially the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
useful
choice for what you are promoting, so we provide a free pattern that you may obtain by
submitting the beneath kind
By GlobalData
The partnership has now been prolonged to incorporate main tech E&O as a blended product accessible globally.
Beforehand, this protection was solely supplied on an extra foundation.
Mosaic stated its shoppers stand to achieve from the alliance with Secure Safety, which contains detailed telematics into the cyber underwriting course of.
The usage of APIs (utility programming interfaces) is alleged to offer an “inside-out” view, providing real-time insights into the potential and monetary impression of cyber breaches inside company networks.
Mosaic international head of cyber Yosha DeLong stated: “We perceive how intrinsically linked cyber publicity is with technology-related legal responsibility, so we’re thrilled to now provide main tech E&O along side our main cyber product on a worldwide foundation. This enlargement aligns with our technique to offer wanted options to our shoppers and companions.”
Cyber insurance coverage is without doubt one of the seven specialty strains that Mosaic underwrites, alongside environmental legal responsibility, monetary establishments, political danger, political violence, skilled legal responsibility and transactional legal responsibility.
In August 2023, Mosaic secured funding to boost product growth and broaden its staff.
Atalaya Capital Administration and Culpeper Capital Companions Specialty, each primarily based within the US, contributed progress capital in trade for a minority stake within the firm.
