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Information Technology Insurance
Why IT Consultants should take out this cover?
We recommend the products from CGU, CHUBB, QBE, and DEXTA.
The product will vary for your particular needs.
From the CGU brochure for July 2007:
"Legal uncertainty exists over the character of some of the activities provided
by IT consultants. In providing software advice and/or design, are they providing
a service or a 'product'?
Understandably, the uncertainty has caused confusion in the handling of claims.
Should the claim be treated as a 'service' and therefore be covered under a Professional
Indemnity policy? i.e. the claim arose from a breach of the Insured’s professional
duty.
Alternatively, should the claim be treated as a 'product' under a Public & Products
liability policy i.e. the claim arose out of a product or manufacturing fault?
CGU Professional Risks' Information Technology Liability Package provides the convenience
and benefit of its full Civil Liability Professional Indemnity and CGU's Broadform
Liability Insurance policies, in one Liability Package Policy. The Package provides
cover for both civil liability arising from the conduct of the Insured's professional
business practice, and third party loss caused by bodily injury or property damage.
We do this by removing the 'sale and supply exclusion' in CGU Professional Risks'
Professional Indemnity wording. It allows a closer fit with the Broadform Liability
policy, minimising uncertainty over the cover provided to IT consultants under this
package.
In addition the policies within the package are specifically tailored for IT professionals
by removal of the electronic data exclusion from the general liability policy and
by extending documents cover under the PI section to include data and the Date Recognition
Exclusion has been removed from both sections of the policy."
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