The new product reflects Sompo’s strategic aim to expand its UK commercial-lines business, offering innovative solutions to help middle-market tech clients navigate their complex risks effectively.
The new insurance offering specifically caters to technology and telecoms service providers as well as electronic product manufacturers and assemblers. The coverage includes P&C, professional indemnity (PI) and cyber with the flexibility to cover excess PI and cyber separately.
The policy aims to provide clear and concise coverage which has minimal restrictions and exclusions. The PI wording also incorporates intellectual property rights, breach of contract wording, worldwide cover on PI and cyber, and automatic additional insured coverage under PI and public and products liability.
The new technology package will be supported by a highly experienced team in multiline technology and will also be assisted by specialist risk engineers and a dedicated claims team.
Toby Harris, Head of Technology at Sompo will lead the firm’s tech practice in the UK, bringing over two decades of expertise in underwriting technology risks.
Bob Thaker, Sompo UK CEO, commented, “The launch of our new technology product demonstrates our commitment to growing our U.K. commercial lines business through innovation and developing solutions that enable our middle market technology clients to manage today’s most complex risks.
“It also further establishes Sompo as a key player in the fast-paced and rapidly evolving technology sector. We recognise this is a competitive market and are looking to provide extensive coverage for our clients, with as few limitations as possible,” Thaker added.
