NEW YORK, April 11, 2016 /PRNewswire/ -- QBE North America, an operating division of QBE Insurance Group, today announced it will enhance its Equipment Breakdown coverage with the first equipment breakdown and technology insurance to cover losses resulting from microelectronic failures.
"Technology has evolved, and so have the risks of breakdown," said Walter Grote, Senior Vice President, Commercial Insurance.
"With the proliferation of miniaturized technologies that drive virtually all commercial operations, businesses need coverage to stay ahead of today's equipment failures. QBE is a leader in understanding technological change, and we are applying our expertise to insure new technology in a changing world," added Mr. Grote.
Microelectronics, with circuitry thousands of times smaller than a human hair, is critical to almost all systems, equipment and technology. Yet, these technologies are prone to failure where physical damage is undetectable, as well as non-physical failure due to firmware or software. Until now, most equipment breakdown and property insurance options in the marketplace require evidence of physical damage to cover losses, and do not adequately address today's microelectronic risks.
QBE North America will expand its current Equipment Breakdown coverage beyond evidence of physical damage to circuit boards, computer chips and other micro-circuitry. It helps policyholders recover from damage to systems or equipment that cannot easily be traced, and recoup the costs of a microelectronic failure, including business interruption, data loss and reputational damage.
To address additional emerging technologies, QBE North America's new Equipment Breakdown coverage also includes enhancements to existing service-interruption coverage for cloud computing services, and adds data restoration coverage for data lost due to a utility service interruption, such as loss of electrical power. It also offers off-premises business income and extra expense coverage for mobile equipment and technology, and new public relations coverage to help commercial entities overcome business interruption and reputational issues from equipment failures.
This new, enhanced Equipment Breakdown coverage is now available within QBE North America's Equipment Breakdown policies, subject to state approvals. Please speak with your broker or agent for more information about this coverage.
QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2015 of $4.6 billion. QBE Insurance Group's 2015 results can be found at www.qbena.com. Headquartered in Sydney, Australia, QBE operates out of 43 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbena.com, or follow QBE North America on Twitter.
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SOURCE QBE North America