Chubb today announced that it has enhanced two of its key financial lines wordings in the UK and Ireland, as the company continues to invest in this risk area where it is a global leader.
Elite D&O is designed to cover the risks faced by executives serving in both private and listed middle market companies, large corporates and multinationals across the UK, Ireland and beyond. The new wording has been developed in response to feedback from Chubb’s broker panel, and now includes over 30 extensions of cover as standard. These include:
Extended definition of investigation
Broadened pre-investigation costs extension
Preservation of Side A limit
Insuring clause for subpoena costs
M&A claims and regulatory crisis costs extension
Insolvency hearing cover
Elite Commercial Crime provides cover to businesses of all sizes, as well as to their clients if the business is liable for their assets, securities or property, in the UK and Ireland that suffer financial loss due to criminal or fraudulent activity by an employee or third party. The new wording provides access to a 24/7 incident response hotline. Other key benefits include:
Policy limit for property/cyber extortion financial loss
Recovery costs for incident response
Affirmative social engineering cover
Protection for third parties with an insurable interest
Expenses limit in addition to main policy limit
Defence costs to defend legal liability for loss of client money, securities or property
Grant Cairns, Financial Lines Manager for Chubb in the UK and Ireland, said:
“Our enhanced financial lines wordings provide what is arguably one of the most comprehensive D&O and financial crime covers in the UK market, with new extensions and added-value services that set Chubb apart from competition. We are a global leader in financial lines but we do not stand still. Today’s launch underlines our commitment to continue working with our brokers and partners to ensure that our offering is fit for purpose and responds to their rapidly evolving needs.”