Schaumburg, Ill., September 6, 2007 – Zurich, one of the nation’s largest commercial property-casualty insurance companies, is targeting the needs of technology customers by providing a range of coverages designed specifically for mid-sized businesses. Zurich’s focus is on the creators and builders of technology products rather than end-users.
Zurich’s new specialized solutions for electronics manufacturing, information technology, digital and electronic communications, factory automation and medical technology companies include proprietary products such as its Property Portfolio Protection (P3) form and coverages for errors & omissions (E&O), as well as standard coverages for general liability, business auto, umbrella and workers’ compensation. Zurich’s global network ensures that these coverages and related risk management services are available throughout a customer’s technology supply chain.
Among the solutions is Zurich’s new P3 form – a policy developed, in part, to address technology risks – that provides broader coverage, greater flexibility and has fewer exclusions than standard ISO property forms. Its technology-specific options include:
• Coverage for costs associated with the restoration of vital, proprietary business information stored on various types of storage media
• Losses involving research and development activities
• Contingent business interruption insurance of subcontracted operations anywhere in the world
In addition, Zurich’s special technology E&O coverage provides companies with features that address their specific needs, such as protection against claims made by users when hardware or software fails to perform as expected, causing economic loss.
“North American technology companies’ products are the engines driving economic growth and vitality throughout the world,” said Robert Lindemann, chief operating officer, Zurich Commercial Markets. “We designed and structured these insurance and risk management products and services for the special needs of technology businesses. The approach we are taking provides these companies with one of the best alternatives available in the market today.”
The core of Zurich’s approach is a combination of products, infrastructure and specialized capabilities in this market segment.
“Technology customers share all the typical insurance needs of other businesses, but there are also special demands in their market segment,” said David Allred, director of Zurich’s Middle Market Commercial technology initiative. “In creating our approach, we looked closely at technology industries to understand thoroughly those customers’ unique risk management and mitigation challenges. We then built an approach using the best tools at our disposal, as well as the knowledge base and focused experience of Zurich’s technology professionals.”
About Zurich Financial Services
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 58,000 people serving customers in more than 170 countries.
In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, small business, specialties and programs sectors. Its Middle Market Commercial business unit provides insurance and risk management services to mid-sized companies across a broad spectrum of industry classes. Middle Market Commercial’s parameters include customers with annual premiums ranging from $100,000 to $3 million. Zurich underwrites programs for mid-sized customers through independent agents and brokers across North America.
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Media contact:
Steve McKay
Zurich
(847) 706-2265
steven.mckay@zurichna.com
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