Technology Insurance

Hardware Manufacturers Liability

Victor’s Hardware Manufacturers liability insurance provides comprehensive coverage to companies and their employees with protection against allegations of wrongful acts, as well as a broad range of cyber risks. Commercial General Liability (CGL) insurance is also available on a monoline basis to insure exposures arising from bodily injury, property damage, personal injury and advertising injury, and product recall expense.

Eligibility

Coverage is available for Canadian-based companies that manufacture, design, assemble, distribute, maintain and service the following:

Computer and Electronics Products

• Computers, including peripherals and storage devices
• Office equipment and machinery
• Electronic and semi-conductor components
• Photonics
• Other electronic products that are programmed and/or controlled by electronic circuitry

Communications Products

• Radio and television broadcasting equipment
• Telephone and telegraph apparatus
• Communication subassemblies
• Acoustic, optical, fibre optical equipment
• Lasers and related equipment

Electronic Machinery and Equipment

• Teaching equipment
• Point of sale terminals
• Electronic industrial equipment and machinery

Electronic Instruments

• Industrial instruments for measurement, display and control
• Scientific and laboratory analytical, test and measurement devices
• Optical instruments and lenses
• Watches, clocks and operational devices and parts

Services

• Computer installation, maintenance and repair
• Distributors of electronic products and components

Please note: The availability of coverage for some of these classes will be governed by acceptability of individual risks based on the end-use of the applicant’s products.

Coverage Details

• Policy Form –
  • E&O: claims-made and reported, including first and third party cyber risk protection
  • CGL: occurrence
• Policy Period – Annual policies and multi-year policies
• Territory – Services rendered worldwide

Policy Features

E&O Insurance (Claims-made Form)

• First party loss and third party liability coverage
• Cyber breach coach for first party loss
• Intellectual property infringement coverage (including copyright, trademark, service mark, trade name and trade dress, but excluding patent infringement and trade secret)
• Network and Security breach, Privacy breach and Data Personal Injury coverage
• Duty to defend
• Coverage for liability against damages resulting from criminal acts committed by a rogue employee
• Coverage for claims made against the Insured by their employees in the event of a Privacy breach
• Coverage for delay in the performance of a contract or agreement resulting from a wrongful act

CGL Insurance (Occurrence Form)

• Basic limit of $25,000 per recall/aggregate limit for product recall expense coverage (options for increased limits and product recall expense with loss of profits as additional premiums)

Additional Coverages Available

• Employment practices wrongful act liability coverage endorsement available for firms with less than 50 employees

Submission Requirements

• A completed Victor Information Technology Insurance application form
• For renewals: Information Technology Insurance renewal application form
• Attachments as indicated on the application form