The International Association of Cloud & Managed Service Providers (MSPAlliance) is addressing the unique liability exposures that cloud providers and managed services providers (MSPs) have in delivering virtualized services, with a Cloud and Managed Services Insurance Program.
Brokered by Lockton Affinity, the MSPA Cloud Insurance Program will offer comprehensive protection for cloud and managed service providers (MSPs) worldwide for areas that include: technology E&O; cyber liability; contractual liability; general liability; and property.
“I am happy to be leading this new initiative to bring affordable managed services and cloud insurance to MSPAlliance members,” said Bill Klein, director of Insurance Services for MSPAlliance. “These policies are uniquely created for cloud and managed service providers and can provide tremendous risk mitigation for both the provider and their customers.”
The program offers an online self service via link from vendor pages, and coverage can be bound within 24 to 72 hours. Also, certificates of coverage are available on demand.
“This new program will bring low cost, high quality insurance to our members who are in need of such risk-mitigation products as they protect their customers from cyber threats,” said Charles Weaver, CEO of MSPAlliance. “In addition, this program will help expedite the underwriting process for getting coverage, which has typically been a big problem for many service providers.”
The program includes limits of liability options, which range from $1 to $10 million per claim, and include deductibles from $2,500 to $10,000 per claim. MSPAlliance members who have completed the Unified Certification Standard (UCS) are also eligible for premium discounts, the organization said.