TechAdvantage®

Microelectronics coverage for invisible risks

Traditionally, equipment breakdown coverage has required evidence of physical damage. However, today’s business equipment contains microelectronics – miniaturized circuitry with parts so tiny, damage is virtually undetectable. Such technology now drives heating and cooling systems, electronic and production equipment.

TechAdvantage® adds a second cause of loss for failures when physical damage is not detectable. 

Off-premises transportable equipment coverage

Equipment has become more compact, portable and more frequently used off-premises, where it is exposed to greater risk of damage; from newer technology such as laptops and devices, to more conventional objects such as compressors and generators.

Now, off-premises coverage is provided on transportable equipment for property damage, business income, extra expense and data restoration, anywhere in Canada and USA.

Cloud service interruption

Cloud computing services have been added to service interruption coverage, paying for lost business income and extra expenses when an insured’s cloud service provider experiences an outage due to equipment breakdown.

Data restoration to include data lost in the cloud due to an accident

Our analysis of equipment breakdown claims over the years has shown growing data restoration losses, both in severity and frequency. We already cover data lost due to an accident. However, a business’s data stored in the cloud is also increasingly at risk.

In response, we have added data restoration coverage for data lost when it is stored and managed by a cloud computing service provider.

Public relations coverage

TechAdvantage® also includes coverage for services from reputation management professionals, such as a PR firm, when an equipment breakdown poses a risk to a business’s goodwill. It pays for professional public relations services to help manage a client’s reputation that is at risk when a breakdown causes a business income loss.