Insurance Policy Is Tailored to the Evolving Needs of Law Firms
Chubb's Customarq for Law Firms Includes Higher Limits and Broader Protection
WARREN, NJ, March 27, 2006 - To respond to the evolving property and casualty risks faced by law firms, the Chubb Group of Insurance Companies has enhanced
its Customarq for Law Firms policy. The new package policy features increased limits and key policy enhancements at no extra cost.
Chubb has increased Customarq's automatic blanket limit from $300,000 to $500,000 for 12 property coverages. Insureds may also purchase higher limits of
$1 million or $2 million, subject to underwriting, and smaller firms can opt for a $250,000 blanket limit.
Other policy features include:
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Lessors of premises and equipment are automatically included as insureds under the general liability contract, which is important
for law firms that lease their office space or electronic systems.
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Property coverage that includes impairment of computer services, which addresses emerging first-party exposures presented
by the Internet. This insurance protects against the business income loss, extra expense and electronic data recovery costs
caused by an illegal or malicious entry into electronic data or systems.
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A flexible business income definition that reflects the way a firm generates revenue, such as billable hours, fees for services
or other sources of income.
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A global extension enabling domestic and foreign exposures to be insured under one policy.
"Chubb's Customarq for Law Firms goes beyond most traditional package policies, providing insurance protection against exposures unique to the legal profession,"
said Gerald Ippolito, a senior vice president of Chubb & Son and law firms segment manager for Chubb Commercial Insurance.
"These enhancements are designed to help meet the changing needs of law firms."
A leading provider of property and casualty insurance for law firms for more than 15 years, Chubb's clients include more than
90% of the top 200 law firms in the United States.
In addition to the Customarq policy, Chubb offers a host of other products and services tailored to law firms. Other products include lawyers professional
liability, employment practices liability, commercial auto, workers compensation, boiler & machinery, accident, umbrella/excess,
fiduciary, crime, kidnap, ransom and extortion, management liability and mail insurance.
"We're making it easy for law firms by offering one-stop shopping for all their insurance needs," Ippolito said.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb's
global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.
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