ERM Targets Brokers, E-Businesses on the Web

Conshohocken, PA-based Electronic Risk Management (ERM), a web-based broker of electronic risk products and services, has introduced a new portal web site that helps insurers and companies do more business on the Web. The company says the new site will offer "matchmaking services for established books of business, in addition to serving as a distributor for emerging e-risk products and coverages for insurers, reinsurers and companies conducting business on the Internet."

ERM's announcement comes at a critical time for the rapidly changing online insurance community. By the end of this year, research shows that close to 20 percent of the world's top property and casualty insurance carriers will have an online presence. Many e-commerce experts, however, see the insurance industry as slow to move into the fast-growing B2B online marketplace. ERM says its web offering will "help bring the insurance industry up-to-speed."

ERM's cyber-coverage products and services enabled insureds to create liability protection specific to their needs, whether they are venturing onto the Internet for the first time, regularly transacting business via the Internet, establishing a full-fledged dot-com enterprise, or providing the technology and content that are the backbone of these enterprises.

"Our strategic alliances in the online and insurance communities enabled us to launch an incubator platform for new e-risk coverage and service concepts," said Joseph Babin, president and CEO of ERM. "In addition, our matchmaking development will support e-commerce transactions for established books of business in the alternative risk and reinsurance marketplace."

ERM provides coverage for:

• e-commerce merchant processing bonds;
• e-commerce companies, where the insured provides traditional products and services via the Internet, or services for an e-client;
• claims arising from acts, errors, and omissions in the insured's computer and Internet services;
• media, content-based injuries, and claims for injunctive relief, such as those involving allegations of infringement, libel, or slander resulting from media services;
• electronic technology products and services, including coverage for computer software, hardware, and firmware; system and network design; installation and training;
• third-party "loss of use" claims; and third-party loss due to a recall of products containing an insured's product or service;
• risks arising out of failures of an insured's Internet and computer security;
• liability arising out of computer viruses, disclosure of confidential or personal information, unauthorized access or use as well as comprehensive media liability. The policy also provides extortion, reward and crisis communications coverages
• claims involving libel, slander, defamation, trade libel, and product disparagement; and infringement of intellectual property rights by an insured's material, including alleged misappropriation of ideas under implied contract.

"ERM is one of the only programs designed with the help and input of the web-based e-commerce community it serves," said Babin. "These new coverages are a direct result of listening to the market and responding."

Loss-control services and coverages include:

• Internet Exposure Workshops
• Claims Processing Guidelines
• Periodic e-commerce Security Checks
• Business Recovery Plans
• Investigative and Forensic Work

ERM is found at www.eriskmgmnt.com.