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What is Information Technology (IT) Professional Indemnity & Liability Insurance?


Tailored Policy for the IT Industry Information Technology Liability Insurance is a tailored policy for the Information Technology & Telecommunication Industry. Each insurance company has a slightly different name for their product, however essentially the product is a combined Professional Indemnity and Public and Products Liability Insurance under the one policy.


Compare Insurance Quotes & Buy Online To obtain a quotation, enquire online at www.it.optimuminsurance.com.au As every business is different, we have several options for businesses to obtain quotations: •

Comparative Quotation – this option is ideal for businesses with under $2million turnover. You can obtain a quotation specific for your businesses needs and purchase cover online.

Online Application – Business’s exceeding to $2million turnover, please complete the online proposal form. This will enable a quotation to be provided based on your specific business needs.

In most circumstances we are able to provide an quote over the phone. If you would like to discuss your needs further, contact us on 1300 739 861.


Product Name By Insurance Company Outlined below are the insurance companies and their associated product names:

American International Group (AIG): Information Technology Civil Liability Policy Wording AXIS Specialty Europe Limited: IT Legal Liability Policy Brooklyn Underwriting Pty Ltd: Combined Information Technology and Telecommunications Legal Liability Insurance Policy CGU Insurance Limited: Information and Communications Technology Liability Insurance Policy


Product Name by Insurance Company Chubb Insurance Company of Australia Limited: Premier or Standard Information and Network Technology Liability Insurance Package Policy Dual Australia Pty Limited: iTech Information Technology Policy Wording Liberty International Underwriters: Errors & Omissions Liability Insurance Policy for Information Technology Organisations

QBE Insurance (Australia) Limited: Information and Communication Technology Liability Insurance Policy Zurich Australia Insurance Limited: Technology and Communications Sectors Professional Liability Insurance


What Does Information Technology Liability Insurance Cover? It covers claims for: • Civil liability arising from the provision of Information Technology (services, advice, specification or work); and • An occurrence that causes personal injury or property damage in connection with the insured's business and/or products


What are the Benefits •

Peace of mind with additional cover that is tailored for the IT industry, covered by the one insurer (both the Professional Indemnity and Broadform Liability under the one packaged policy), and reducing the gap between the Professional Indemnity and Broadform (General) Liability covers.

•

Saving time completing only one proposal form for two policy covers, allegations are defended by experienced and professional legal representatives.

•

Reduces lost income by reducing an interruption to their business with professionals handling any defence, and cover for legal costs provided.


Who is Covered under the Policy? The policyholder as named in the policy schedule as issued by the insurer including Principals, Directors, Partners, Employees and some policies extend to cover contractors that work on your behalf. The policy schedule should be in the legal trading entity(s) and should include any subsidiary companies and prior entity(s) (if applicable).


What is Commonly Not Covered •

Faulty Workmanship - Claims for the cost of performing, completing, correcting or improving any work done or undertaken by the policyholder.

Product Recall and Repair - Claims for compensation for damages that have been claimed for the withdrawal, inspection, repair, replacement or loss of use of the policyholder‘s products.

Contractual Liability - Claims for compensation for personal injury or property damage under any contractual liability assumed by the policyholder only by agreement unless it would have existed without the agreement or implied by law.

Information Technology Exclusion - Claims in connection with any computer virus, or the design of any computer hardware or software.


Examples of Claims Covered • Breach of Duty and/or Confidentiality - A mistake or failure by a professional to exercise the required level of skill that causes financial loss or injury; or failure by a professional to preserve the confidence of information acquired during their professional appointment, and used to the detriment of their client. • Errors or omissions - Arising out of mistakes that lead to loss of data, and the subsequent financial loss; or unintentional infringement of copyright. • Alleged Negligence - Arising out of the failure of uninterrupted uptime of the networks or systems; i.e. the time the system or network is continually running or operating, or the adequacy of the security of the networks or systems.


Examples of Claims Covered • Unintentional Defamation • Dishonest or Fraudulent Acts • Loss of, or Damage to Documents/Data • Unintentional Infringement of Copyright, Patent, Design, Trademark or Circuit Layout Rights (Intellectual Property) - There is generally no cover for intentional breaches/acts causing third party loss with reckless disregard for consequences and some policies limit exclude or provide limited cover in this area. • Defence and Investigation Costs • Costs to attend Disciplinary Proceedings and Enquiries


Compare Insurance Quotes & Buy Online To obtain a quotation, enquire online at www.it.optimuminsurance.com.au As every business is different, we have several options for businesses to obtain quotations: •

Comparative Quotation – this option is ideal for businesses with under $2million turnover. You can obtain a quotation specific for your businesses needs and purchase cover online.

Online Application – Business’s exceeding to $2million turnover, please complete the online proposal form. This will enable a quotation to be provided based on your specific business needs.

In most circumstances we are able to provide an quote over the phone. If you would like to discuss your needs further, contact us on 1300 739 861.


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Contact Us Phone Fax Hours Email

+61 1300 739 861 +61 1300 732 225 9.00am to 5.00pm (EST) Monday – Friday service@optimuminsurance.com.au

Website

www.it.optimuminsurance.com.au

Presentation Disclaimer –– “This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by contacting our office on 1300 739 861;” Disclosure Statement – “Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”

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