Competence Center IT
IT Competence Center
All-round protection for IT businesses

Since 1998 the SCHUNCK GROUP has been one of the leading providers of innovative insurance solutions for the IT industry.

The SCHUNCK GROUP operates a specific IT competence centre especially for software companies, IT service providers and system houses. Numerous experts work there in close cooperation with customers on development and improvement of insurance solutions for IT providers. Whether it's cloud computing, risk management, software development or data protection, a team of specialist, insurance and IT professionals continuously analyse current IT trends and develop insurance for demands of the industry.

The flagship is "SCHUNCK Net Risk", the standard all-risk insurance for IT companies.

The IT competence centre has, during many years of development work, compared the best offers of different insurance providers on the market and made new terms and conditions in "SCHUNCK Net Risk". "SCHUNCK Net Risk" combines the best on the market and guarantees an optimal level of security in all areas of property and IT liability risk.

"SCHUNCK Net Risk" was developed especially for software providers, IT service providers, telecommunications businesses and system houses with the following service and product areas:

  • IT service provision, software creation, software trading, software implementation and software maintenance
  • Information acquisition, information storage, information processing
  • Data centres
  • It analysis, IT organisation, IT briefing, IT training 
  • Management and security consulting
  • Economic business consulting
  • Expert activities and assessment
  • Network planning, network installation, network integration and maintenance
  • Online, internet, web and provider services, telecommunications services
  • Hardware production, hardware trade, hardware installation and assembly
  • Cloud computing

What is the typical risk situation in the IT sector?
Numerous available liability insurance policies on the market based on general liability regulations. These refer to legal damages under the private law due to unlawful acts (§ 823 ff BGB) The main risks in the IT and ICT sector refer to loss of assets or consequential damage to assets that are not or inadequately covered through the general liability regulations. Frequent exclusions include:

  • Insurance protection for loss of profit (for instance, due to disconnection, when the website and therefore the online shop are not accessible)
  • Consequential damage to performance (for instance, due to damage to databases or loss of data)
  • Expenditure in waiting for proper performance (for instance, if additionally hired workers for a project cannot be appointed because of damage)
  • First party cover exclusions, such as are usual in all sectors in the context of third party liability (for example, when a client withdraws from a contract within their rights all the travel and wage costs of the employee of the insurance company incurred until that point would be covered)

What is a typical claim in the IT sector?

A trader orders a complete IT packet from an IT company, consisting of hardware and special storage management software. The IT provider has exceeded the time-limit for installation and completion many times. In addition, there have been a large number of malfunctions in the system due to constant changes of the programming, whereby shipments are delivered incorrectly and orders must be processed manually. Staff costs increase in order to register and deliver goods manually.  Asset damages claimed: EUR 750,000

What protection does "SCHUNCK Net Risk" offer?

"SCHUNCK Net Risk" is a modular insurance policy. Components can be combined as desired and therefore determined by individual risks of each IT company. "SCHUNCK Net Risk" provides complete insurance protection in the following areas:

"Liability" component

Operating and asset loss liability/ professional liability for IT companies.  This component includes insurance protection for all typical business risks of an IT company. The coverage range of "SCHUNCK Net Risk" goes much further with this component than other products on the market. Included in the insurance in particular are:

  • Open asset loss insurance
  • Asset loss through disruption of operations
  • Damage caused by delay
  • Worldwide cover including the USA and Canada
  • First party damage insurance in the case of authorised withdrawal of the client
  • Contractual liability agreement (e.g. in the case of service-level-agreement)
  • Overall order-related damage compensation
  • Infidelity:
    • Willful damage of the company by representatives
    • Criminal actions by third parties against the company
    • Contract penalty due to incurred claim
  • Penal defense costs arising from liability claims

NEW: Additional component "Cyber Risk"
Starting 2013 SCHUNCK Net Risk offers as an annex to the component “Liability” additional coverage against first party damages in connection with cyber risks such as:

  • Proactive forensic investigation
  • Comprehensive reporting service in case of:
    • Notification and announcement of data infringement, especially due to official reporting procedures, call-center costs, clients’ notification costs.
    • Credit-monitoring service
  • Public relations, reputation costs due to data infringement
  • Assistance in case of illegal threats by third parties up to ransom refund
  • Costs for repair, replacement, or recovery of data programs, networks etc. of the IT company following a hacker attack
  • Loss of earnings damages due to targeted attacks at the company’s data by third parties (Internet, Intranet, computer systems, electronic data storage, especially through hacker or denial of service attacks).

  • The specified insurable services are guaranteed by professional partners of the SCHUNCK Group:

  • Crisis management and communication service providers
  • International lawyer’s office offering integrated legal advice for all issues of national and international commercial láw.

"Property insurance" component

Buildings insurance, content insurance, electronics insurance, loss of earnings cover, additional costs insurance, data cover, further data cover

These legally independent insurance components protect the fixed assets of an IT company on the basis of all-risk. The uniform conditions for all components make the insurance transparent. The focus exclusively on the IT sector means that there are extremely reasonable premiums that make a measurable contribution to reducing costs in businesses.
"SCHUNCK Net Risk" is an insurance solution with a long exclusion catalogue and offers insurance protection with low deductibles, especially for:

  • Loss of earnings and additional costs, also on the basis of "compensation limit" (freely selectable insured sum)
  • Worldwide external insurance 
  • Insurance protection for costs incurred in reproduction and replacements in the case of loss, changes or unavailability of data or programmes.
  • Insurance cover for loss of data in the case of damaging programmes (hackers, virus, worms etc.)
  • Reputation costs
  • Contractual penalty as a result of an insured loss
  • Operating disruption costs due to denial of service (malicious behaviour, without damage to hardware)
  • Operating disruption costs due to power failure (without damage to hardware)

"SCHUNCK Net Risk" is international insurance

As an international insurance broker, the SCHUNCK GROUP serves customers all over the world. The coverage concept "SCHUNCK Net Risk" has reasonable terms and conditions in all EU states. In addition, the SCHUNCK GROUP offers its customers world wide reaching solutions with international insurance programmes that fulfil tax licensing and compliance requirements.

Our global network

Your contact person in the IT Competence Center:
Peter Janson
Phone + 49 (0) 89 38177-456