Markel has launched a revamped IT professional policy, with a complete overhaul of the existing form.
In addition to basic professional liability, the policy now includes configurable first and third party data privacy and security coverage, general liability and media injury options.
The policy includes coverage for regulatory fines and penalties, including PCI as well as HIPAA/HITECH fines. It also includes coverage for theft of money and securities, as well as interruption costs to restore the insured’s data and extra expenses while recovering from a breach.
The new policy is comprised of four parts: professional liability, data breach (third and first party), general liability, and media coverage including social media. The professional liability features broadly defined technology services that can include additional professional services. Contingent bodily injury and property damage coverage, aggregate deductible options, and automatic subsidiary coverage are also features of the policy.
The general liability component includes products and completed operations coverage as well as advertising and personal injury. Under the media section, coverage extends to content published in a variety of forums and copyright infringement arising out of software development activities.
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