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Chubb Specialty Insurance

Nowhere in the financial services industry is the reality of change more evident than in the banking sector. The competitive landscape is being shaped by globalization, legislation and the pressures to deliver increasing value in a technology obsessed economy.

Every aspect of the business of banking is impacted; how products and services are brought to market, how technology is leveraged, how expenses are managed and how human resource assets are deployed. Each of these opportunities poses a significant degree of risk to your organization – from hiring practices, to internet fraud exposures, to sales practices. Add to that the need for your legal, audit and compliance staff to keep up with legislative changes, judicial decisions and regulatory mandates.

Insurance protection for the banking community has never been more important, and Chubb is continuously responding with unique products and services to provide the protection you need – one banking location or hundreds, local or global, one language and currency or several. Our protection includes:

  • Customarq for Financial Institutions provides property and liability insurance which we can customize to your unique needs. Customarq Classic and Customarq Limited provide coverage to larger and smaller institutions respectively with blanket coverage for fine arts, rents and valuable papers.
  • Banking institutions are becoming increasingly vulnerable to costly lawsuits. Escalating litigation can threaten any organization – large or small. Even the most progressive and the most conservative banking organizations can find itself exposed and at risk. Chubb offers a variety of coverage solutions for banks and other depository institutions that can guard your organization and people from the effects of costly lawsuits, including:
    • Bankers Professional Liability (BPL)
    • Directors and Officers Liability (D&O)
    • Employment Practices Liability
    • Fiduciary Liability
  • Chubb offers protection solutions to protect your organization from risks such as employment dishonesty, forgery, theft, destruction or disappearance of property, including additional coverage for the protection against crime associated specifically with mail fraud and computer systems. The best internal controls and compliance procedures cannot prevent criminal intent. Fraudulent activity is an increasingly troublesome reality in the world of technological advancement and e-commerce.

Risk managers are increasingly concerned about events and situations that could have a negative effect on an institution’s cash flow, earnings and balance sheet strength. Price volatility and limited capacity make traditional insurance less attractive to financial institutions. Recognizing these limitations, Chubb has become an industry leader in the development of Alternative Risk Transfer programs for financial institutions. Our underwriters customize solutions and create strategic risk financing mechanisms that fit your risk management objectives.

Specifically available to depository and lending institutions with assets less than $1 billion, ForeFrontTM offers a simple, integrated solution offering coverage to your worldwide operations through one simple application. ForeFrontTM integrates the coverage provided on each of the above solutions as well as lending liability and outside director liability. It also provides kidnap ransom coverage (available also as a stand-alone solution) and safe deposit liability.

The issuance of any policy is subject to the approval and sole discretion of our underwriters. Like all insurance, there are limitations and exclusions which apply. This is provided as a general description of available coverage.