Mosaic Insurance has declared that its cyber division has launched excess capacity and coverage for a new product intended to conserve technology sector companies from rapidly emerging penalty risks.
Mosaic now offers extra technology errors and omissions coverage as companion cover to cyber for businesses varying from artificial intelligence, virtual reality, edtech, and IT consulting firms to data analytics companies, software-as-a-service companies, and peer-to-peer platforms. The product is accessible globally through Mosaic’s cyber hubs in London, Bermuda, and the US, with a minimum accessory point of $10 million. It is underwritten through Mosaic’s Syndicate 1609 with capacity from both Mosaic and partner carriers.
“We’re excited to announce the progression of our cyber strategy and product offering as we expand into technology E&O,” said Yosha DeLong, global head of cyber at Mosaic. “The ability to offer tech E&O and cyber on an excess basis is focused on providing necessary solutions to the challenges faced by our clients in an increasingly interconnected world.”
Tech E&O protects against penalties or losses stemming from third-party use of products or services. The rise of cyber exposure boosts related risks to software and hardware manufacturers, electronics and service providers, and telecom systems, Mosaic said.
“I’ve been writing tech E&O for nearly 15 years, and while today’s headlines are concentrated on cyber, the underlying need for tech companies to purchase protection has also increased,” said James Tuplin, head of international, cyber, at Mosaic. “Clients and 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.”