Broker launches new E&O product
Marsh has launched a new errors and omissions (E&O) insurance product for the suppliers of lottery and gaming organisations.
Created by Marsh’s Financial and Professional (FINPRO) Practice in London, the product is available to clients globally and provides in excess of $35m in cover against specific lottery and gaming E&O risks.
Available through Marsh and underwritten by certain underwriters at Lloyd’s, the policy provides comprehensive cover for financial exposures arising from:
• Contractual obligations signed by the printers or vendors with the first party principals (e.g. state lotteries), such as the cost of additional prizes and abandonment or game cancellation
• The increased costs arising from failure to conform with these contracts
• Printers’ or vendors’ liability following machinery, equipment and computer breakdown or failure that would not be provided for under a normal E&O policy
Neil Daly, a vice president in Marsh's Specie Practice, said: “The growth of the lottery and gaming industry globally has shown no sign of slowing as a result of the recession. In the UK, National Lottery sales now total over £5.1 billion. As sales increase, so do the risks facing the sector. The financial exposures are potentially disastrous to a company and any error or omission can have a lasting impact on a company’s reputation. Marsh’s new E&O policy provides lottery and gaming organisations, as well as suppliers to the industry, including specialty printers, with the insurance protection they need to help mitigate these risks and keep their reputations intact.”