Sompo releases new insurance product specifically for UK middle market clientele

Sompo International has introduced a new insurance product designed for technology businesses in the middle market segment in the UK. This new package offers modular wording and a flexible approach, with coverages that include Property, Casualty, Professional Indemnity (PI), and Cyber.

Each client can customize their coverage based on their specific needs, with the option to add excess PI and Cyber coverage separately. The target audience for this product includes technology and telecom service providers, as well as electronic product manufacturers and assemblers. Sompo International emphasizes that the policy is clear and concise, with minimal restrictions and exclusions.

The PI coverage includes Intellectual Property Rights, breach of contract wording, and worldwide coverage for both PI and Cyber. Furthermore, the policy includes Automatic Additional Insured coverage under PI and Public and Products Liability.

Bob Thaker, UK CEO of Sompo, expressed the company’s dedication to expanding their commercial lines business in the UK through innovative solutions for technology clients in the middle market. By offering comprehensive coverage with few limitations, Sompo aims to solidify its position in the competitive technology sector and help clients manage complex risks effectively.