Technology

Hiscox ClearTech™

Technology Risk Solutions

Hiscox ClearTech™

Technology Risk Solutions

What is Hiscox ClearTech™? 

For more than two decades, Hiscox has been a pioneer in the technology insurance industry-empowering all businesses, from start-ups to Fortune 500 firms, to challenge convention and push the limits of innovation. From breach of contract to intellectual property infringement and cyber liability, we provide the essential protection that businesses need to stay one step ahead.

Appetite

Our Technology product is broad in coverage with a clear and simple to understand insuring agreement covering a wide spectrum of risk. 

  • Primary appetite up to $1bn revenue
  • Excess appetite on all revenue sizes
  • Target industries include U.S. based technology software and service companies

Download Appetite Guide

Capacity

$10M capacity on a primary or excess basis

Coverage & Benefits
  • Comprehensive policy form with 25+ cover triggers designed to meet the demands of modern technology risk
  • Worldwide coverage with a global network of technology and privacy lawyers and technical specialists
  • Full policy limits on all core technology and cyber liability insuring agreements
  • Award winning claims handling and service standards
  • Complimentary value-added services for policyholders, including risk management best practices and employee training programs
     
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Related products

Package Technology with the following products: Allied HealthcareArchitects and EngineersMiscellaneous Professional LiabilityGeneral LiabilityCyber, and Crime

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Claims scenarios 

Not sure what risks our product covers? We’ve brought some scenarios to life.

Software developer

Our insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software that resulted in the misuse of credit card information. The immediate payment card related responsibilities resided with each retail establishment, as it was their customers’ credit card data that was compromised. However, it was the insured’s software that led to the data breach and, accordingly, the insured was liable under its contracts with its clients.

Software developer

Our insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software that resulted in the misuse of credit card information. The immediate payment card related responsibilities resided with each retail establishment, as it was their customers’ credit card data that was compromised. However, it was the insured’s software that led to the data breach and, accordingly, the insured was liable under its contracts with its clients.

Start-up IT company

Our insured was a small start-up, established by two individuals shortly after they left their previous employer. Their new business was in the same market as their former employer. Sometime later, their former employer sued our insured alleging copyright infringement and breach of confidentiality. 

Start-up IT company

Our insured was a small start-up, established by two individuals shortly after they left their previous employer. Their new business was in the same market as their former employer. Sometime later, their former employer sued our insured alleging copyright infringement and breach of confidentiality. 

Breach of contract

The insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software and credit card information was stolen. The insured was liable under its contracts with its clients. The total potential exposure amassed to $150K. Due to Hiscox’s broad coverage, the forensic costs and other contractual claims were covered.

Breach of contract

The insured supplied, installed and maintained software for various retail establishments. A data breach occurred, arising from a security vulnerability in the software and credit card information was stolen. The insured was liable under its contracts with its clients. The total potential exposure amassed to $150K. Due to Hiscox’s broad coverage, the forensic costs and other contractual claims were covered.

Broad intellectual property and defense

The insured set up a business in a small market. A much larger competitor brought suit against the insured on the basis of copyright infringement, trademark infringement, and breach of confidentiality in order to put them out of business. The $630K it would have cost to defend the claim could have put the insured out of business, but their policy covered them and they’re still successfully in business today.

Broad intellectual property and defense

The insured set up a business in a small market. A much larger competitor brought suit against the insured on the basis of copyright infringement, trademark infringement, and breach of confidentiality in order to put them out of business. The $630K it would have cost to defend the claim could have put the insured out of business, but their policy covered them and they’re still successfully in business today.

Outstanding fees coverage

The insured was contracted by a client to design and supply technology to help integrate a modern computer system. The technology worked in the test environment, but not when the client supplied it to the end-user. The insured received the liability brought by the end-user as a result of their failure to meet contractual obligations. Hiscox supported the insured and recovered a majority of its outstanding fees without litigation.

Outstanding fees coverage

The insured was contracted by a client to design and supply technology to help integrate a modern computer system. The technology worked in the test environment, but not when the client supplied it to the end-user. The insured received the liability brought by the end-user as a result of their failure to meet contractual obligations. Hiscox supported the insured and recovered a majority of its outstanding fees without litigation.

Risk management

We partner with leading risk management services to ensure our clients have support and guidance, in addition to exceptional coverage.

Breach ProtectionTM

ePlace solutions Breach Protection™ cyber risk management services, provides immediate access to a broad range of online and data security resources to help establish best practices, create a privacy and data security program, train employees as well as equip your company with the tools to be less susceptible to a breach.

Learn more about Breach Protection.

eRisk Hub®

eRisk Hub®, powered by NetDiligence®, provides tools and resources to help our policyholders understand the exposures, establish a response plan and minimize the effects of a data breach on an organization.

Learn more about eRisk Hub.

Risk Management Assistance

Free initial confidential consultation from a referred, national recognized law firm. Up to one-hour of legal services to assist in better understanding and minimizing risks that commonly lead to the types of claims covered under a Hiscox privacy policy.

Key contacts

Michael Drummond
AVP, Product Head – Technology
Tara Bodden
SVP, Claims Media, Tech & Cyber