|  |  |  |  | |  | for Technology and New Media Our wide knowledge of the technology and new media market means that we understand the nature of your business. As a result, we keep pace with the rapid changes inherent in your industry.
Howden has established expertise in arranging professional indemnity cover for international technology businesses. We are the largest provider of this type of cover in Israel, the second largest technology market in the world after the US. We also have a significant professional liability portfolio in fast developing technology markets, such as India.
We have used our proven skills to expand our technology professional liability business in the UK. We work closely with an award-winning technology insurer to develop solutions in specific areas, such as Internet and IT security companies.
There is significant litigation in the technology and new media industry - probably greater than in any other area of business. The high costs of defending and paying claims mean that some insurers are restricting policy protection unnecessarily. Policies often contain long lists of exclusions, which may be worded ambiguously. For example, an insurer may exclude indemnity for any loss arising out of a contract that involved onerous contract terms, without defining what it means by ‘onerous’.
Technology companies have generally been proactive in their approach to risk management, by including provisions to protect themselves in their own contracts with clients. For example, you may limit your potential liability to the amount of your fee and exclude any consequential loss. However, the courts have shown that they will not uphold contract conditions that they consider unfair. This highlights the need for expertly tailored insurance protection.
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