Who does TechVantage insure?
TechVantage insures custom programmers, consultants, data processors, system designers, web designers, internet service providers (ISPs), network communication providers, computer hardware design & manufacturing firms and other technology-related firms.
What does TechVantage cover?
The TechVantage program includes two different policies: the Broad Form Policy and the Basic Form Policy. Both offer errors and omissions coverage for developing, designing, installing, modifying or servicing computers or computer hardware, firmware and/or software, computerized networks or similar electronic information systems or Internet services, for a fee. Coverage is also provided for computer system or network related consulting, analysis, programming, training or support for a fee; or the sale, leasing, licensing, distribution, or installation of computers or computer hardware, firmware and software.
In addition to this coverage, the Broad Form Policy also provides coverage for copyright and trademark infringement, independent contractors, and punitive damages (where insurable by law).
Which policy--the Broad Form or Basic Form--is right for my firm?
The Basic Form Policy was written with the needs of smaller, start-up firms in mind, ones that do not require the coverage of the Broad Form Policy. The Basic Policy offers good coverage at a reduced premium and deductible.
Many firms require the Broad Form's infringement protection and coverage for independent contractors due to the nature of their professional services. Professionals such as software developers, whose work might unknowingly infringe on the work of others, might want to consider the Broad Form Policy.
Where is coverage available?
Coverage is available in all states except New Hampshire, North Dakota and Alaska. TechVantage applies to any wrongful act or infringement committed anywhere in the world provided that the claim is made or suit is brought within the USA, its territories or possessions, or Canada. All coverage is subject to the policy's terms and conditions.
Is TechVantage an admitted or non-admitted program?
We provide coverage on a non-admitted basis.
Does TechVantage include general liability?
No. TechVantage is a specialized policy with errors and omissions coverage for professional services.
What is the minimum premium?
Premiums are determined by types of services provided. But, minimum premium for the Broad Form Policy with a $500,000 limit is $2,500.
What is the Digital Millennium Copyright Act (DMCA)?
Passed by the U. S. Congress in 1998, the DMCA requires "adequate protection" against and "effective remedies" for bypassing technical protection measures used by rights holders to protect their works. You should be aware of the DMCA so you can protect your firm. For more of the facts, click on the following link http://www.gseis.ucla.edu/iclp/dmca1.htm.
Who is Indian Harbor Insurance Company?
Indian Harbor Insurance Company, the carrier for the TechVantage program, is a subsidiary of XL Capital Company.
What is their A.M. Best rating?
Indian Harbor received an A 14 from A.M. Best.
Do brokers need to be appointed by Victor O. Schinnerer & Co. to submit applications?
No. Schinnerer works with all licensed agent and brokers.
Can we use another agency's application for a quote?
Yes. Schinnerer offers indications from other companies' applications. However, before a binding order is executed, we will have to have an Indian Harbor Application completed and reviewed.
What is your turnaround time?
We understand the demands placed on our brokers, and we strive to meet your expected turnaround time for new business quotes. When you submit an account to us, let us know when you need it and we will provide you a quote within that timeframe.
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