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Specialty insurer Mosaic unveils new major tech E&O cowl 

Mosaic Insurance coverage, a Bermuda-based specialty insurer, has expanded its product line to incorporate major know-how errors and omissions (tech E&O) protection.  

The brand new providing is designed to defend know-how corporations from the rising legal responsibility dangers related to offering tech merchandise.  

With as much as $15m in capability, Mosaic’s protection is accessible via its Syndicate 1609 and a consortium of syndicated capital companions. 

The protection is accessible via underwriting hubs in markets comparable to London, the US, Canada, Europe and the United Arab Emirates.  

It addresses the escalating threats that companies face when contracted to ship tech merchandise comparable to synthetic intelligence, digital actuality, training know-how, IT consulting, information analytics, software program as a service, and peer-to-peer platform companies.

This launch builds upon Mosaic’s major cyber providing, which was launched in Could 2023 in collaboration with Protected Safety.  

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The partnership has now been prolonged to incorporate major tech E&O as a blended product obtainable globally.  

Beforehand, this protection was solely supplied on an extra foundation.

Mosaic mentioned its purchasers stand to realize from the alliance with Protected Safety, which includes detailed telematics into the cyber underwriting course of.  

Using APIs (software programming interfaces) is alleged to offer an “inside-out” view, providing real-time insights into the potential and monetary impression of cyber breaches inside company networks. 

Mosaic international head of cyber Yosha DeLong mentioned: “We perceive how intrinsically linked cyber publicity is with technology-related legal responsibility, so we’re thrilled to now supply major tech E&O along side our major cyber product on a world foundation. This growth aligns with our technique to offer wanted options to our purchasers and companions.” 

Cyber insurance coverage is without doubt one of the seven specialty traces that Mosaic underwrites, alongside environmental legal responsibility, monetary establishments, political danger, political violence, skilled legal responsibility and transactional legal responsibility. 

In August 2023, Mosaic secured funding to reinforce product growth and increase its staff. 

Atalaya Capital Administration and Culpeper Capital Companions Specialty, each primarily based within the US, contributed development capital in change for a minority stake within the firm. 

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