Mosaic Insurance’s cyber division has launched excess capacity and coverage for a new product aimed at protecting technology sector companies from rapidly emerging liability risks.
The insurer now offers excess technology errors and omissions (E&O) as companion cover to cyber for businesses ranging from AI, virtual reality, edtech, and IT consulting firms to data analytics companies, software as a service (SaaS), and peer-to-peer platforms.
The new product is underwritten via Mosaic’s Syndicate 1609 with capacity from both Mosaic and partner carriers.
At the same time, the product will be available globally through Mosaic’s cyber hubs in London, Bermuda, and the US, with a minimum attachment point of $10 million.
Moreover, tech E&O protects against costly liability or losses stemming from third-party use of products or services.
Mosaic’s Global Head of Cyber Yosha DeLong, said: “We’re excited to announce the progression of our cyber strategy and product offering as we expand into technology E&O. The ability to offer tech 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, Mosaic’s Head of International, Cyber, added: “I’ve been writing tech E&O for nearly 15 years and while today’s headlines are focused on cyber, the underlying need for tech companies to purchase protection has also increased. Clients & brokers are asking for more capacity, but have been unable to find it. We’re happy to support them with this new excess capacity we’re bringing to the market.”