New Cyber Market through Miami Specialty Risk
Miami Specialty Risk announces the official launch of its new Cyber and Technology E&O facility which is now available in all 50 states. Backed by Lloyd's of London, the Miami Specialty Risk facility is comprised of three products: SME Cyber and Tech E&O, FranchisoRapSM - Franchisee Cyber and Tech E&O, and VendoRapSM - Vendor Contract Specific E&O and Cyber with the intent to expand more product lines in the near future.
Mary Guzman, Managing Director of the Cyber and Technology Division at Miami Specialty Risk, has consulted with and placed insurance for Fortune 1,000 Companies for 25+ years as a broker. Her expertise and focus in complex Cyber, Errors & Omissions, and Intellectual Property insurance has inspired her team to create insurance coverage that is comprehensive, competitively priced, and very unique in that the programs are written to supplement real world contracting and risk management problems faced by many organizations in the technology services supply chain. Our goal is to alleviate constant frustrations between general counsels, risk managers, and IT professionals by offering meaningful insurance to the right party as a proper treatment to these inherent conflicts.
"In my experience, there are several gaps in the insurance solutions offered in the niche areas of technology, IP and cyber risk that have not been thoughtfully addressed by the commercial market. To solve this problem, we developed capacity and policy wording that supplements risk management programs where traditional cyber and technology insurance coverage has fallen short. Two of the first three product/service offerings will fill insurance gaps and make contracting much simpler between common counterparties; franchisors and their franchisees, and middle to large enterprises and their key vendors. Our goal is to be an advisor to our broker partners and keep innovating as the intangible risk landscape evolves." -Mary Guzman, Managing Director, Cyber and Technology Division
In these programs, our goal in to onboard multiple small businesses at one time through a “sponsor” organization looking to push technology and cyber risks to the rightful owner of those risks and offer our experience as guidance on these matters. Miami Specialty Risk can underwrite these exclusive products for Franchisors/franchisees, mid to large enterprise clients and their key vendors, and can write more traditional (but broadly worded) cyber and tech E&O for almost any industry. We have specific expertise in healthcare, retail, FI, fintech, technology, logistics, utilities, and manufacturing.
Future of Miami Specialty Risk
Miami Specialty Risk plans on releasing other Cyber, Technology and Intellectual Property Insurance products in the upcoming months.
"The vision of Miami Specialty Risk is to provide insurance coverage and risk management solutions for intangible risk like never before. Our number one focus is to provide our appointed brokers and their clients the most innovative cyber and intellectual property insurance products in the market." -Mary Guzman, Managing Director, Cyber and Technology Division
Miami Specialty Risk is now accepting appointment requests from large retail and wholesale brokerages. For more information on the appointment process with Miami Specialty Risk, visit their website at www.miamispecialtyrisk.com.