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MARSH INTRODUCES SUITE OF INSURANCE, RISK CONSULTING SOLUTIONS TO HELP TECH FIRMS ADDRESS ERRORS & OMISSIONS EXPOSURES
Broker Works with Over 10 E&O Insurers To Offer Flexibility In E&O Program Design and Competitive Pricing
NEW YORK, May 20, 2009 — While economic downturns affect the performance of businesses in all industries, they tend to have a more significant impact on technology companies, triggering an increase in the frequency and severity of errors and omissions claims against these firms. In this environment, Marsh, the world's leading insurance broker and risk advisor, has developed a suite of insurance and consulting solutions to help technology firms address their E&O insurance and risk management needs.
"When it comes to managing risks in the current economic environment, technology firms have to balance their need for appropriate coverage for their errors and omissions exposures with the imperative to manage costs in the face of decreased demand associated with the downturn," said Tom Quigley, leader of Marsh's U.S. Communications, Media and Technology Practice. "To help clients meet these challenges, we now offer a suite of solutions that gives clients the tools they need to make informed decisions about their exposures and cost-efficient approaches to address them."
Marsh's suite of technology E&O risk management services and insurance solutions includes:
- Use of proprietary industry-based technology E&O insurance coverage and claims benchmarking data, drawn from a database of programs of more than 800 technology companies.
- Use of Marsh's comprehensive technology E&O exposure checklist, which includes more than 20 key considerations for evaluating the existence and potential magnitude of E&O and related exposures.
- Access to Marsh E&O risk assessment services to develop a more in-depth understanding of a firm's unique E&O exposures and to quantify potential loss scenarios.
- Coverage terms tailored to a firm's specific technology-based errors & omissions exposures.
- Coverage mapping to coordinate the E&O coverage with the general liability policy.
- Access to Marsh claims advocates with extensive experience in technology E&O claims.
- Access to additional pre- and post-loss services from other operating companies of MMC, including Kroll and Lippincott.
"We are working with more than 10 insurers to offer technology clients a wide array of E&O coverage options, policy wordings, endorsements, and limits," said Sandy Codding, co-leader of Marsh's Errors & Omissions Practice. "This gives us a great deal of flexibility in designing programs that meet the specific needs of these firms as they seek the most suitable protection at competitive prices."
Marsh has more than 23,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is one of the operating companies of Marsh & McLennan Companies (MMC), a global professional services firm with more than 54,000 employees and annual revenue exceeding $11 billion. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; Oliver Wyman, the management consultancy; and Kroll, the risk consulting firm. MMC's stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC's Web site is www.mmc.com.
Media Contact
Al Modugno
212-345-2448
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