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Electronic and Computer Crime Policy
Chubb Specialty Insurance

Chubb has developed a new Computer Crime policy designed to meet the needs of financial institutions in an increasingly more complex technological environment. The Chubb Computer Crime form should form a vital element in any institution's risk management program.

The policy provides coverage of the following:

  • Computer Systems - Loss due to the fraudulent preparation, modification or input of electronic data into computer systems, a service bureau's computer system, an electronic find transfer system or a customer communication system.
  • Electronic Data, Electronic Media, Electronic Instruction - Loss due to:
    1. the fraudulent modification of electronic data or software programs within computer systems
    2. robbery, burglary, larceny or theft of electronic data to software programs
    3. the acts of a hacker causing damage or destruction to electronic data or software programs
    4. damage or destruction of electronic data or software programs due to computer virus
  • Electronic Communication - Loss due to the transfer of funds as a result of unauthorised and fraudulent electronic communications from customers, a clearing house, custodians or financial institutions.
  • Insured's Service Bureau Operations - Loss due to a customer transferring funds as a result of fraudulent entries of data whilst the insured is acting as a service bureau for customers.
  • Electronic Transmission - Loss due to the transfer of funds on the faith of any unauthorised and fraudulent customer voice initiated funds transfer instructions.
  • Customer Voice Initiated Transfers - Loss due to the transfer of funds on the faith of any unauthorised and fraudulent customer voice initiated finds transfer instructions.
  • Extortion - Loss by a third party who has gained unauthorised access into the insured's computer systems threatening to cause the transfer of funds, disclosure of confidential security codes to third parties, or damage to electronic data or software programs.