What is generally not covered by information technology liability insurance


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Each insurance company has a slightly different name for their product,however essentially the product is a combined Professional Indemnity andPublic and Products Liability Insurance under the one policy

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What is generally not covered by information technology liability insurance

  1. 1. What is Generally Not Covered by IT Professional Indemnity & Liability Insurance
  2. 2. The Professional Indemnity Insurance Policy generally does not cover: Assumed Duty or Obligation - Any contractual liability accepted by the policyholder beyond that which the Common Law would impose. Related Parties - Claims against any person covered by the policy brought by a person, firm or corporation who is also covered by the policy or by any entity controlled by the policyholder or policyholder employee. Refund of Professional Fees, Cost Guarantees or Trading Debts - Claims for professional fees, cost guarantees or trading debts. Known Defects - Claims arising from the sale, supply or distribution of Information Technology known to the policyholder to be defective or ineffective in fulfilling the purpose for which it is intended or to perform as specified. Product Recall - Claims for the cost of withdrawal, recall, inspection, repair, modification, replacement and loss of use of Information Technology where it is withdrawn from the market or public use because of a known or suspected defect, deficiency or inadequacy. Professional Indemnity Insurance
  3. 3. The Liability Insurance Policy generally does not cover: 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. Liability Insurance
  4. 4. While we have exercised due care and skill in preparing this information, Optimum Insurance Services does not accept any legal responsibility or liability for negligence or otherwise to you or anyone else who seeks to rely on this information. This includes, without limitation, loss arising from a possible failure of the information to comply with statutory or regulatory requirements or the failure of the information to identify other terms and conditions beyond those considered in this documen. It is important that you understand the extent of your policy coverage and your insurance requirements. Policy coverage is always subject to the terms, conditions and exclusions of the insurance contract and policy wording provided by the insurer. Understand Your Policy Coverage
  5. 5. Insurers Policy Wordings Each insurance company has its own policy wording. This means that coverage can vary considerably from one insurer to another. It is vital that you compare each policy based on the appropriateness of cover for your individual or business needs.
  6. 6. 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.
  7. 7. http://www.linkedin.com/company/optimum-insurance http://www.facebook.com/OptimumInsurance http://www.youtube.com/user/OptimumInsurance https://twitter.com/#!/Optimum_Online http://www.optimuminsurance.com.au/Blog.aspx https://plus.google.com/u/0/100198722059770097421/about#1 00198722059770097421/about Connect With Us on Social Media
  8. 8. Contact Us Phone +61 1300 739 861 Fax +61 1300 732 225 Hours 9.00am to 5.00pm (EST) Monday – Friday Email service@optimuminsurance.com.au Website www.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.”