Bermuda-based Mosaic Insurance is expanding into technology errors and omissions (E&O) with the launch of an excess product aimed at tech companies such as data analytics firms, software-as-a-service, and peer-to-peer platforms.
The companion cover would also suit businesses ranging from artificial intelligence, virtual reality and edtech, to IT consulting firms.
Underwritten via Mosaic’s Lloyd’s Syndicate 1609 with capacity from both Mosaic and partner carriers, the product is available globally through Mosaic’s cyber hubs in London, Bermuda and the US, with a minimum attachment point of $10m.
Tech E&O protects against costly liability or losses stemming from third-party use of products or services. Cyber exposures including cyberwarfare, data breaches and ransomware magnify related risks to software and hardware manufacturers, electronics and service providers, and telecoms systems.
“We’re excited to announce the progression of our cyber strategy and product offering as we expand into technology E&O,” Mosaic’s global head of cyber Yosha DeLong said in a statement. “The ability to offer tech E&O and cyber on an excess basis is focused on providing needed solutions to the challenges faced by our clients in an increasingly interconnected world.”