Wednesday, July 18th, 2007
Todd Nenninger from Smith, Bell & Thompson, Inc. and Steve Walsh from OneBeacon Insurance will be presenting on the following topics. Also, a report from the recent Software Industry Forum held by Vermont colleges will be presented.
Meeting Overview
Covering your assets: Perspectives from the Software Insurance Industry
The cost of litigation to information and network technology companies has risen dramatically in recent years as a result of product and service disputes. More and more customers are willing to sue long established business partners for performance failure problems and the increases in the average size and length of contracts has risen the plaintiff's chances that a performance failure will be worth the fight and result in large jury awards.
As market competition continues to increase, there is a greater chance that marketing and sales pressure will invite over promising of supplier capabilities. With companies putting more reliance on information technology solutions, it increases the likelihood that software solutions will be core business solutions. As a result, much more is at stake if the solution fails or doesn't perform as promised. Companies are crossing borders to conduct business which brings a host of new issues due to foreign laws and regulations.
Examples of claims and suits we have seen and preventive measures for both pre and post mitigation will be discussed at the next vtSDA meeting. Are you covered?
Bios
Todd Nenninger is a Commercial Property/Casualty Account Executive, specializing in coverage for the technology and aviation industries at Smith, Bell & Thompson, Inc., Burlington, VT. SBT is a division of Hilb, Rogal & Hobbs, the 8th largest insurance intermediary in the US with 125 offices worldwide. Todd has been at SBT since 2004 and targets technology-related businesses throughout New England, and across the country, and represents a wide array of major carriers, including OneBeacon, Travelers, The Hartford, CNA, AIG and Llyods of London. He is also a board member for local non-profits including Neighborkeepers and the Vermont Campaign to End Childhood Hunger.
Stephen Walsh is a Regional Technology Specialist at OneBeacon Insurance company’s Manchester, NH Branch Office. He is responsible for marketing and underwriting all Technology Segment business for OneBeacon in Northern New England and Upstate New York. Stephen has held senior underwriting and underwriting management positions for several major national insurers including NH Group/AIG, Firemans Fund and now OneBeacon. He also served on the Board of Directors for the NH Chapter of CPCU from 1987 through 1990. Stephen also acts as the local coordinator for community services for OneBeacon in Manchester. The office staff volunteers time and services to New Horizons For Manchester which is the local soup kitchen for Manchester, serving over 75,000 meals a year and providing shelter for hundreds of homeless.