Philadelphia, PA (Feb. 15, 2017) – Risk managers and Chief Information Security Officers are expected to have a complete understanding of their organization’s total cyber risk — a difficult task compounded by the need to coordinate potential gaps in an insurance portfolio placed with multiple brokers and carriers. This is made even more challenging by the constant evolution of technology, which opens the door to increased cyber-related exposures, ranging from property damage to business interruption to bodily injury.
Chubb’s new suite of multiline cyber peril endorsements for the Global Cyber Facility helps risk managers address exposure gaps in their insurance portfolio and enables them to confidently respond to the concerns of their C-Suite and Board.
“We continuously poll clients and brokers to ensure we’re providing the insurance products and services they need. After hearing of their concerns about gaps in their insurance portfolio, we developed an extensive roadmap of loss scenarios to identify these gaps within the marketplace in regards to cyber, property and casualty policies. We took the knowledge gained from that exercise to develop the Global Cyber Facility Property and Casualty Endorsements,” said Michael J. Tanenbaum, Executive Vice President, North America Financial Lines, Chubb. “We recognize that policies differ from carrier to carrier, and our endorsements were designed with customization in mind. Each policyholder will be able to tailor their policies to fill the gaps of their specific policy portfolios. We’re also releasing our loss scenario roadmap to help them start to identify those gaps immediately.”
First introduced in 2015, Chubb’s Global Cyber Facility is a cutting-edge enterprise-wide solution that helps companies assess their cyber and data privacy risk, incorporates loss control services to mitigate losses, provides access to post breach services, and offers up to $100 million in capacity — all in a single policy.
Chubb’s suite of endorsements for the Global Cyber Facility:
- Enables policyholders to customize their existing insurance portfolio to close gaps related to their cyber exposures;
- Casualty Endorsement provides Difference in Conditions (DIC) insurance to the scheduled casualty lead umbrella for cyber events, including provisional protection in the event of coverage disputes;
- Property Endorsement provides both DIC and Difference in Limits (DIL) insurance to the scheduled property policy for loss or damage related to cyber-triggered events;
- Includes experienced claims management by Chubb’s expert claims staff, with the ability to access Chubb’s Cyber Incident Response Team if preferred;
- Offers risk managers a single point of contact — and the expertise of Chubb’s multiline underwriters and claim staff — to help manage cyber-related exposures across multiple lines of insurance.
Product highlights are summaries only; please see the actual policy for terms and conditions. Product offerings may vary by location.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at chubb.com.