New Insurance Program Helps Financial Institutions Minimize Coverage Gaps
WARREN, NJ, February 12, 2007 - The Chubb Group of Insurance Companies has developed Financial Institution Portfolio, a modular
insurance policy for midsize financial institutions, including banks, insurance companies, securities firms and asset management
companies. Four coverages - directors and officers liability insurance, employment practices liability insurance, fiduciary
liability insurance and kidnap/ransom and extortion insurance - are available through Financial Institution Portfolio. Customers
can select the coverages they need and a separate limit for each coverage or an aggregate limit for all the coverages.
"Chubb's new product, one of the few modular policies available for the midsize financial institution market, helps to eliminate
potential coverage gaps that could exist when separate policies are purchased from different insurance companies," said Timothy
Buckley, senior vice president, Chubb & Son, and global financial institutions practice manager for Chubb Specialty Insurance.
"It's a natural evolution for many midsize financial institutions, which have grown up with a portfolio-style insurance policy.
These customers have come to expect an integrated product that offers broad coverage, easy-to-understand policy language,
choice and flexibility."
Financial Institution Portfolio is available in 43 states and Puerto Rico. It was developed for banks and insurance companies
with more than $1 billion in assets and asset management companies with more than $10 billion under management. Coverage highlights
include:
-
Directors and Officers Liability-Covers punitive damages, where insurable by law, and broadens the definition of "insured
person" to include foreign equivalents and "spouse" to include domestic partners;
-
Employment Practices Liability-Includes 100 percent defense cost allocation, claims-made reporting, mass action and class
action clarity, a broad definition of "wrongful act" and access to Chubb's online EPL Loss Prevention Program;
-
Fiduciary Liability- Includes voluntary settlement program coverage and broadened definitions of "claim" and "administration";
broadens the definition of "loss" to include Health Insurance Portability and Accountability Act (HIPAA) civil money penalties;
and
-
Kidnap/Ransom and Extortion-Provides crisis management services from The Ackerman Group, Inc.
Chubb has been a leader in providing specialized insurance coverages to financial institutions for more than four decades.
Chubb also offers financial institution customers errors and omissions insurance, fidelity bond and an array of property/casualty
insurance products.
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.
|
