Insurance News

What Are Surety Bonds?

July 12, 2022 |

A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). There are two broad categories of surety bonds: (1) contract…

How the SBA Surety Bond Program Works

July 12, 2022 |

The SBA guarantees surety bonds Surety bonds help small businesses win contracts by providing the customer with a guarantee that the work will be completed. Many public and private contracts require surety bonds, which are offered by surety companies. The SBA guarantees surety bonds for certain surety companies, which allows the companies to offer surety bonds…

What is a Lost Title Bond?

July 12, 2022 |

A Lost Title Bond is used by the DMV when you are trying to register or sell a vehicle, trailer, or any roadworthy vehicle when the title is lost or the ownership information on a vehicle does not match the party claiming ownership. When do you need a Lost Title Bond? You purchased a vehicle,…

Why Should an IT Consultant Have Professional Liability Insurance?

July 5, 2022 |

Professional Liability Insurance can provide protection for IT consulting firms and the myriad of services a consultant might provide. Professional liability also covers some risks that are typically not covered under general or cyber coverages, such as those arising from contract law breaches and intellectual property infringement claims. For example, an IT consultant should have…

Does tech insurance cover a breach of contract?

June 20, 2022 |

In the world of professionalism and business, signed contracts are essential. When servicing clients and customers, contracts establish clear requirements and expectations. However, when those expectations aren’t met and a breach of contract takes place, one or both parties may be susceptible to a lawsuit. Protecting yourself from a breach of contract lawsuit is essential.…

The most expensive non-bug in history. Cost: $100 billion!

June 10, 2022 |

The Y2K bug was a computer flaw, or bug, that may have caused problems when dealing with dates beyond December 31, 1999 The Y2K bug was a computer flaw, or bug, that may have caused problems when dealing with dates beyond December 31, 1999. The flaw, faced by computer programmers and users all over the world on January 1, 2000,…

Ground Control software gone wrong. Cost: $320 million!

June 10, 2022 |

In-depth: Mars Climate Orbiter Mars Climate Orbiter (MCO) was the second probe in NASA’s Mars Surveyor program, which also included the Mars Global Surveyor (launched in November 1996) and Mars Polar Lander (launched in January 1999). Mars Climate Orbiter was designed to arrive at roughly the same time as Mars Polar Lander and to conduct simultaneous investigations of Mars’ atmosphere, climate and surface. Arrival in orbit was dated…

6 Common Examples of Technology Errors & Omissions Claims

May 31, 2022 |

Errors and omissions (E&O) claims have become a major threat to technology companies, and their severity has undergone rapid growth over the last decade or so. Tech E&O insurance offsets these threats by protecting IT companies from the risks of a client experiencing financial losses due to a tech product or service’s inability to perform…

The most expensive hyphen in history. Cost: $169 million!

May 20, 2022 |

NASA’s computing required perfection. Anything less had serious consequences. In the dark on Sunday morning, July 22, 1962, NASA launched the first-ever U.S. interplanetary space probe: Mariner 1, headed for Venus, Earth’s neighbor closer to the Sun. Mariner 1 was launched atop a 103-foot-tall Atlas-Agena rocket at 5:21 a.m. EDT. For 3 minutes and 32 seconds,…

Tech E&O vs. Cyber Liability Insurance: Which one do you need?

May 18, 2022 |

Businesses today are increasingly dependent on technology for their company operations. Companies rely on technology for keeping track of sensitive data and information about clients, potential clients, and employees. However, using technology comes with a substantial amount of risk, like technology failure, data breaches, or invasion of privacy.  Are tech companies liable when a client…