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Errors and Omissions Still With Us
April 26, 2007
Travelers Insurance has created a commercial printer policy updated to cover today’s reality of printer liabilities for errors and omissions. It’s aimed at printers with $15 million or more in annual revenues.
It used to be true, says Bill Cunningham, CEO of Travelers Commercial Accounts, that the primary exposure for a printer was mistake in text or graphics being printed for a customer, and any ensuing financial harm.
Obviously that exposure remains. But current print output often includes intangible electronic data that can cause financial harm if an error occurs. In the digital space, printers are in possession of electronic files, images and design files from customers, intended for print.
Such intangible property obviously has substantial value and requires considerable effort to recreate. This includes electronic data, owned by the client but in the care, custody or control of the printer for the purposes of printing–as well as tangible property. (It’s worth noting here that xpedx offers a guided disaster recovery consultation service based at its National Technology Center in Twinsburg, OH, for reclaiming resources if a disaster destroys data.)
The Travelers insurance offering, called IndustryEdge, sets a separate limit for correction of work and product recall–including cost to repair, replace or recreate electronic data as part of insured’s printing services or products. [As GAM and e-GAM have reported, this is especially important with variable digital files and mailing of personal financial data, where accidental print of private information has huge ramifications.]
Some ways that it differs from traditional insurance include: broadened definition of printing to include electronic data intended for print; coverage for printer subcontractors for damages from wrongful acts; definition of damages to include the cost to repair, replace or recreate electronic data of others. www.travelers.com
This just in:
• Blocks to robotic telemarket political calls are under consideration in Nebraska, Florida, Michigan, Missouri and Wisconsin, in a boost to direct mail business. Charities and political groups are not restricted by do-not-call legislation. The regular National Do Not Call Registery is at www.donotcall.gov
• Martha Stewart enters the booming $3 billion keepsake album business May 1, with 650 items of print, paper and crafts materials to be sold online. e-GAM reported men are a target market by scrapbook sellers. May 5 is National Scrapbooking Day. www.nsa.gs
Posted by Bill Esler on April 26, 2007 | Comments (1)
