CANTON, Mass., March 2 /PRNewswire-FirstCall/ -- OneBeacon Professional Insurance (OBPI), a member of OneBeacon Insurance Group , today announced a new Technology Errors & Omissions (E&O) product targeted to technology firms, including application service providers, software developers, technology consulting firms, and companies involved in systems integration and maintenance.
Said David Molitano, OneBeacon Professional Insurance''s Vice President of Technology E&O, "As technology organizations continue to evolve, there is a tremendous exposure to this type of risk. So much business is conducted online now that when applications fail, affected companies often seek to hold those who developed the application responsible for the failure. Our product provides tailored liability protection for entities that provide, develop or design hardware and software used to conduct business online."
OBPI''s Technology E&O insurance includes coverage for Professional and Technology Services Liability, Technology Products Liability, Media Liability, and Network Security and Privacy Liability. The Professional Services insurance can also extend coverage to certain non-technology related services. In addition, OBPI''s policy provides coverage for certain costs associated with complying with a breach notification law. This is all available to prospective insureds through one standard policy form, with limits up to $10 million. Both primary and excess coverages are available.
Specialized protection and features include Media Liability coverage for online and offline media communication activities; worldwide coverage; coverage for copyright infringement in connection with the development of a technology product; and a definition of insured that includes independent contractors.
OneBeacon Professional Insurance is a member of OneBeacon Insurance Group that specializes in professional liability solutions for targeted industries including hospitals of all sizes, physician groups, managed care organizations, long-term care facilities, health care facilities, media organizations, lawyers, real estate professionals and design professionals. Additionally, OneBeacon Professional Insurance provides employment practices liability insurance, management liability and tailored products for complex organizations including health care provider excess insurance and HMO reinsurance.
About OneBeacon: OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB". OneBeacon Insurance Group''s underwriting companies offer a range of specialty and personal insurance products sold through select independent agents, regional and national brokers, and wholesalers. The company''s specialty businesses include OneBeacon Professional Insurance, International Marine Underwriters, Entertainment Brokers International Insurance Services, Specialty Accident and Health, OneBeacon Government Risks, OneBeacon Energy Group, A.W.G. Dewar (tuition refund), collector cars and boats written through Hagerty Insurance Agency, OneBeacon Technology Group, OneBeacon Financial Services, OneBeacon Specialty Property, and Property and Inland Marine.
As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon''s specialty insurance businesses are national in scope while personal lines business is concentrated in the Northeastern United States.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to OneBeacon''s:
-- changes in adjusted book value per share or return on equity; -- business strategy; -- financial and operating targets or plans; -- incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; -- projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; -- expansion and growth of our business and operations; and -- future capital expenditures.
These statements are based on certain assumptions and analyses made by OneBeacon in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
-- claims arising from catastrophic events, such as hurricanes, earthquakes, floods or terrorist attacks; -- recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate; -- the continued availability and cost of reinsurance coverage; -- the continued availability of capital and financing; -- general economic, market or business conditions; -- business opportunities (or lack thereof) that may be presented to it and pursued; -- competitive forces, including the conduct of other property and casualty insurers and reinsurers; -- changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors or its clients; -- an economic downturn or other economic conditions adversely affecting its financial position; -- other factors, most of which are beyond OneBeacon''s control; and -- the risks that are described from time to time in OneBeacon''s filings with the Securities and Exchange Commission, including but not limited to OneBeacon''s Annual Report on the Form 10-K for the fiscal year ended December 31, 2009 filed February 26, 2010.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
Web site: http://www.onebeacon.com/
OneBeacon Insurance Group
CONTACT: Sasha Valasek, OneBeacon Insurance Group, +1-781-332-7165,
svalasek@onebeacon.com
Web Site: http://www.onebeacon.com/
