In my quest to figure out business insurance, I’m starting to look at bit more closely at the actual contracts. Here’s an E&O one:
I thought it might be interesting for us to dissect this a little bit together and maybe generate some questions about it. Obviously we’re not lawyers and this is just our opinion - but I’ve already been starting to generate a lot of ideas about what’s covered and what’s not covered, and I think that might be useful to someone researching this in the future.
Here are a few things I’m starting to wonder. I’ll also update these with answers as I hear back on them.
The way the insurance period works, if a claim arises based on activity prior to the period, would that be covered? So for example, let’s say someone sues you for advice that you gave them in 2013, but your policy didn’t start until 2014. Would that lawsuit be covered?
Exclusion #36 - Programming Errors Exclusion - this seems to be saying that any computer programming error is excluded from coverage. That can’t be right.
Exclusion #35 - PCI implementation - this seems to be excluding anything related to PCI compliance? Kind of an issue with anything ecommerce-facing.