|Lexington Insurance Company Announces ParitySM, Innovative Technology Contract Risk Policy|
New York – May 01, 2012 – Lexington Insurance Company, a Chartis company, today announced the introduction of ParitySM – Lexington’s Technology Contract Risk Policy. Parity protects organizations from potential losses and expenses resulting from the negligence of a technology professional.
Due to a technology professional's negligence, organizations may suffer losses not recoverable from that professional because of a contractual limitation of liability. Parity responds by covering business interruption losses, amounts owed to the insured's clients, costs to correct the error, and expenses to engage a new technology vendor to complete the project, if necessary.
“Technology contracts often limit the contractor’s liability for lost profits and other consequential damages, regardless of negligence,” said David Bresnahan, President of Lexington Insurance Company. “Parity provides protection to purchasers of technology, addressing some of the significant exposures faced by companies looking to upgrade their technology platforms. As its name implies, Parity helps our insureds to address some of the contractual imbalances inherent in the IT procurement space.”
For more information about Parity – Lexington’s Technology Project Risk Policy, please contact Christian Andrews, Underwriting Manager, Lexington Insurance Company, at (617) 330-8469 or firstname.lastname@example.org; or Jill Salmon, Underwriting Manager, at (646) 857-1425 or email@example.com.About Chartis
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.aig.com/home_3171_411330.html. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.