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Technology Insurance and Risk Specialists (978) 369-2771

Contract Terms are Challenging

The sign of a robust economy is the number of contracts we are asked to review for our clients. Boston is genuinely a hub of global technology services, contracting with some of the world’s largest enterprises.

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“Social Engineering” Crimes & Insurance

Most crime insurance policies exclude coverage when an employee is tricked into transferring money or property to an unauthorized party. This is considered to be willingly transferred, and is commonly known now as a “Social Engineering” crime. Social Engineering is not within the scope of most existing crime policies, which are intended for crimes such as holdups, robbery, or computer hacking by an outsider. Willingly parting with money or property is also a standard exclusion on crime policies.

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Is Outsourcing Right for You?

Outsourcing a non-core function can save you time and lower your costs. It can give you access to added expertise, and can provide you with a valued partner in your business as the outsourcing relationship grows. In summary, here are reasons to outsource and reasons not, as well as how to get started:

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IT as a commodity: The Premise

Be sure your insurer understands your new operational configuration and has solutions within at least the same boundaries as before you outsourced. You will need to consider all outsourced services as branches of your own offices and operations. Coverage for each function should be analyzed and insured by you if not by your outsourced service provider.

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Stranded At Sea

Guest article by Gustav Widmayer – Let’s face it, when the winds die down, no company has any business braving the high seas. So, what should you do when bookings are scarce, billings are down, and backlogs are depleted? This captain is scouring his ship from stem to stern.

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Unreliability of Hardware and Software

As an editorial observation by this author looking back over 30 years of professional work in technology, I am compelled to draw some provocative conclusions. In the old days, when we re-wired boards to run IBM 80-column cards, we’d call Chris when things got tangled up.

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Sharing the Risk – This Is Not A Test

In the wake of September 11th’s tragedies, insurers are quietly making good on their annual promises to pay losses. Interestingly, all policies exclude war related losses in a very broad way. However, America’s insurers are stepping up to the plate in the biggest way they ever have, declaring these losses as “terrorist acts” and not excluding coverage. Does that affect you? Absolutely!

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