Article date: 2 July 2010
Aviva has made a number of changes to its commercial combined policies to better meet the needs of customers within the technology sector.
The enhancements are the result of feedback from specialist brokers attending a series of one-to-one sessions with Aviva which has enabled it to tailor its policies more specifically to the technology sector’s needs, at no extra cost to the customer.
Mervyn Harris, product manager at Aviva, said: “The technology sector is dynamic, and no longer focused solely electronics. Computerised and digital technology is becoming an integral part of an increasing number of business processes and the goods they produce. Companies in this sector often have very specific policy needs, which are different to the requirements of less tech-focused businesses.
“We want to expand our presence in the growing technology market, and so have significantly enhanced our policies to help us become a major player in this field. We have re-engineered our approach and have used feedback from specialist brokers to provide more bespoke cover that caters for customers’ specific needs.”
The revised policies now see Aviva offering:
- £100,000 automatic cover for business interruption to unspecified suppliers and customers should a supply chain be interrupted. This change reflects the fact that technology companies often rely on intertwined and complex supply chains, with highly specialised suppliers and customers.
- A standard provision of £50,000 for ‘burn in testing’ cover if there is accidental damage to a product in the test chamber. In electronic component manufacture, a malfunction in the test process may damage or destroy an expensive product being tested.
- Automatic cover up to £25,000 for virus attacks and any reinstatement of data to systems. Essential with computer viruses capable of crippling technology companies which rely on computer-led processes.
- Cover for the theft of non-ferrous metals is now included automatically, up to the value of £25,000.
- Automatic cover up to £50,000 for the costs involved in publicising and managing a product recall.
- Financial loss for the supply of products will be covered as standard up to £50,000. Aviva now additionally includes an indemnity to distributors for claims arising out of an insured’s defective products, recognising again the importance of the supply chain.
- Automatic guaranteed efficacy cover up to the value of £50,000.
Harris continued: “Aviva has worked hard to understand the issues that could affect businesses working in the technology and electronics sectors. We now offer a range of cover as standard that is both flexible and extensive to match client needs.
“Additionally, Aviva also provides free online support for customers and brokers via www.cutredtape.co.uk, which contains a wealth of information including legal, business and risk advice. It is designed to help businesses run better and spend less time on administration.”
Patrick Chester at Staniforth on 0161 919 8011 or Sally Leeman from Aviva’s press office on 01603 684225 / 07789 270677.
Notes to editors:
Aviva is the world’s fifth largest* insurance group, serving 53 million customers across Europe, North America and Asia Pacific.
Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion at 31 December 2009.
We are the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe.
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* based on gross worldwide premiums at 31 December 2008