— The past cannot be erased, and the future cannot be predicted. Continuum® helps to bridge gaps for companies whose current policies may be inadequate to address exposures emanating from the past.
Continuum® from ChubbSM offers the following insurance protection options:
Successor Liability insurance — helps protect the buyer of a business against the risk of future claims made against them, arising from the prior acts of an acquired company
Discontinued Products Liability insurance — helps protect either the buyer or seller of a business against the risk of claims against them for future occurrences stemming from discontinued products or completed operations
Liability Trigger Conversion insurance — helps provide protection should a gap in coverage occur when a company converts its insurance from a claims-made or reported policy to a more standard occurrence-based policy
Adding the protection that Continuum® provides does not require a company to dismantle its existing liability program. Continuum® can be purchased even if Chubb does not provide the current liability insurance. Continuum® also has these features:
Primary and excess capacity available
Extended claim reporting period
Global extension available
Consider the following scenarios:
A home appliance manufacturer sells one of its subsidiaries because it is not generating sufficient profit. Some years later, a consumer pulls the former manufacturer into a million-dollar lawsuit seeking damages for a severe injury arising out of the discontinued product line. The manufacturer is found liable. Continuum®’s Discontinued Products Liability insurance would respond.
A manufacturer acquires an electronic equipment leasing firm through an "assets only" agreement. Several years later, suit is brought after discovering that the former leasing firm’s equipment had caused major property damage prior to the buyout. The successor is found liable to pay the multi-million dollar claim, as the predecessor firm had inadequate insurance and could not finance the loss. Continuum® Successor Liability insurance responds.
A company changes from a “claims-made” insurance policy to an “occurrence-based” policy. As a result, claims made after the policy change that arise out of pre-change events are no longer protected. Without Continuum® Liability Trigger Conversion insurance, this company would be left with a gap in its liability protection.