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ACS secures $20m of cover for young tech and entrepreneurs to ‘go global’

Thursday, 21 Mar 2013

21 March 2013: The Australian Computer Society (ACS) today announced a strategic alliance with OAMPS Insurance Brokers, designed to support and encourage young Information and Communication Technology (ICT) entrepreneurs.

ACS Director of Young ICT Fiona Teakle said "In providing indemnity insurance for young entrepreneurs, the ACS acknowledges that innovation and ICT are bound together but innovation can sometimes scare investors and customers without a safety net in place."

The first initiative delivered through the alliance is a safeguard insurance policy for all members of the ACS earning less than $25,000 in consulting fees. This professional indemnity and general liability package includes a limit of liability of $10,000,000 for each claim, and $20,000,000 in the aggregate.

ACS CEO Alan Patterson said "Everyone needs to get their start somewhere, and securing your first sale or consultancy is challenging: the purchaser of your services needs assurance that not only will you deliver what you have promised, but that there are safeguards in place protecting you both."

The ACS professional indemnity safeguards includes covering defective work and failure to perform pursuant to a contract, product recall protection, world-wide coverage(with exceptions being those who reside in the USA/Canada region and sanction affected countries), and the cover for sub-contracted work.

"Structuring the insurance offering in this way recognises the nature of tech start-ups," Mr Patterson said.

"For young ACS members, it is not uncommon to be studying while also working on your start-up idea. You pitch for a number of jobs and then find that a number come through together. All of a sudden you don’t have the capacity. Under this agreement, you can bring in support through sub-contracting arrangements and remain protected." Mr Patterson said.

"Additionally, the world is a small place today, and we see many of our young members collaborating across international borders. This agreement recognises that IT is a global marketplace and affords protection as such." Mr Patterson said.

The professional indemnity safeguard is the first of a number of initiatives, with ACS and OAMPS jointly announcing a national road show that will cover risk mitigation and future ICT standards required of industry, government and the public.

OAMPS North Sydney Manager Andrew O’Reilly emphasised how pleased OAMPS is to partner with ACS. "We are very excited to be working with the leading IT professional association Australia, and delighted with the result of securing this first initiative on behalf of the ACS with Chubb Insurance Company of Australia Limited

Chubb were awarded 1st place in IT Liability in the 2012 National Insurance Brokers Association Broker Market Survey, and combined with OAMPS expertise in business and professional services insurance and risk management, we feel supremely confident that the scope of these safeguards will meet the needs of budding tech entrepreneurs."

For media:

ACS: Adam Redman: +61 416 800 441 or adam.redman@acs.org.au

OAMPS Insurance Brokers: Melissa Montang on +61 3 9412 1109 or melissa.montang@oamps.com.au

About the Australian Computer Society

The Australian Computer Society (ACS) is the professional association for Australia's Information and Communication Technology (ICT) sector. Over 20,000 ACS members work in business, education, government and the community. The Society exists to create the environment and provide the opportunities for members and partners to succeed. The ACS strives for ICT to be recognised as a driver of innovation in our society, relevant across all sectors, and to promote the formulation of effective policies on ICT and related matters. Visit www.acs.org.au for more information.