CNA Hardy, a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, has launched Technology Package +, the latest addition to its specialist technology product suite.
The company stated that Technology Package+ offers a completely updated, comprehensive suite of coverages including advanced cyber cover tailored to the needs of technology businesses.
Moreover, Technology Package+ also offers a broad risk appetite and capacity for up to £10 million for Professional Liability (PI) cover.
The package also covers the following sub-sets: software, hardware, services, tele communications, and micro segments (including Fintech, Defence, Med Tech, and InsurTech businesses).
Building on CNA Hardy’s existing Technology Package product, this policy has a more enhanced cyber offering compared to what currently exists in the UK general insurance market.
Mark Armstrong, UK Technology Segment Leader at CNA Hardy, commented: “With more than one million technology professionals in the UK alone, CNA Hardy has created an insurance policy that is responsive, relevant and up-to-date.
“We have to provide clients with risk transfer mechanisms and peace of mind – our enhanced Technology Package+ solution offers a clearly-worded, unambiguous policy with a bigger focus on cyber coverage, which will allow our technology customers to continue to do what they do best – innovate and grow.”
Many policies in the market include third party cyber liability within its PI cover. CNA Hardy now offers comprehensive cyber coverage as a stand-alone feature. The enhanced Technology Package+ includes all the relevant cyber covers, as well as enhancements on the original product in one package, offering a full suite of coverage for technology companies.
Armstrong, added: “We are an underwriting company and believe that our products should provide up-to-date and responsive coverage. We should not be hiding behind exclusionary language, but instead be offering a product that gives our clients everything they need in one place. That’s what insurance is all about.”
