Finance & Insurance (Brokers) Australia Pty Ltd along with Insurer, Chubb, has developed an IT package covering Professional Indemnity and Public Liability specifically for the Small Business Server User Group (SBS Group). Capitalising upon Chubb’s experience in this field, we can offer this package which we believe to be the best available in the market. We have negotiated competitive rates and flexible levels of cover.
Our IT package has been tailored for IT specialists and with this in mind it offers a range of value added covers for example:
- Liability Cover
- Professional Indemnity cover
- Consultants, Subcontractors and Agents (vicarious)
- Care, custody and Control
- Fraud and Dishonesty
- Lost Data
To understand why you need this type of insurance read the claims scenarios listed below
Insured: Reseller of Software
The third party wanted a system to support their accounting and financial reporting requirements as well as a point of sale system to handle their retail and wholesale operation. The insured had various stores within a capital city, which were all to be connected to each other and head office. The insured had the distribution rights for a well-known software package, which provided both back office and sales function.
Late Delivery of the System. Data was dropping out of the point of sale system. The automatic ordering system was not updating into the main system. The cash reports did not balance.
Breach of Contract claiming that the system was not of merchantable quality & was not fit for stated purpose. Breach of Trade Practices Act Section 52 (Misleading and Deceptive) Negligent representation and misstatements.
Insured: Software Developer
The insured supplied their software to the third party, to run their point of sale requirements and upload into their back office system.
The system was slow and unable to cope with the peak times of the third party business.
Breach of Contract, software was not fit for the purpose for which it was supplied, & not of merchantable quality. Breach of Trade Practices Act Section 52 (Misleading and Deceptive)
Insured: Internet Service Provider / Domain Name Register
The Insured as part of its business activities provided domain name registration. The Insured did not renew a client’s domain name and it was lapsed. Another entity registered a name of a similar nature less than 1 hour after the original domain name was removed.
The third party could no longer transact business using the domain name
Breach of Trade Practices Act Section 52 Allegations of collusion Breach of Contract Negligence