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a division of Gaston & Associates, Inc. 
Technology Insurance
  Breach of security.
A telecommunications firm is sued by a customer claiming they were sold a defective system with inadequate security protections. The customer claims the faulty system allowed individuals to access their phone system and, as a result, they incurred fraudulent overseas charges.
Indemnity Paid: $3,450,000
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Sufficient Limits Are Key

Establishing secure and plausible limits on property coverage is not only essential but also tedious. Inadequate coverage is often directly related to inaccurate assessments and multiple location properties. Knowing how to cope with and avoid these problems is quite easy.

You can avoid inaccurate assessments — a main cause of insufficient insurance coverage — by updating an appraisal on the property. If this doesn’t solve the problem, get a complete value assessment of your property from a professional. Failure to do so will ensure more red flags in the future, such as coinsurance requirements and penalties.

Possessing multiple property locations also can lead to insufficient coverage. Don’t make the mistake of refusing to check the limits on those individual properties. To ensure adequate coverage, be sure that all of the individual property limits match the overall property limit. Create a “blanket limit” to carry this out, but take care to see that there are no “sub-limits” on individual locations.

To guarantee sufficient limits on your company’s property, pay attention to inaccurate assessments and multiple property locations. We can help if you’re unsure of your limits.

 
 
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