Specialty insurance firm Mosaic Insurance (Mosaic) has launched excess technology error and omissions (E&O) as a companion cover to cyber for companies in the technology sector.
Tech E&O protects companies from risks associated with cyber exposure, including cyber warfare, data breaches, and ransomware.
The product is available globally, through the company’s cyber hubs in London, Bermuda, and the US. It is underswritten through Mosaic’s Syndicate 1609, and requires a minimum attachment point of US$10 million.
Yosha Delong, global head of cyber at Mosaic, comments: “We are excited to announce the progression of our cyber strategy and product offering. The ability to offer technology 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.”
James Tuplin, head of international, cyber, at Mosaic, says: “I have been writing technology E&O for nearly 15 years and while today’s headlines are focused on cyber, the underlying need for technology companies to purchase protection has also increased. Clients and brokers are asking for more capacity, but have been unable to find it. We are happy to support them with this new excess capacity we are bringing to the market.”
