Chubb has announced the availability of new property and casualty endorsements for its Global Cyber Facility aimed at helping risk managers and chief information security officers (CISOs) address exposure gaps in their organizations’ insurance portfolios and best respond to C-suite and board concerns.
The changes are in response to feedback received from clients, notes a statement Monday from Chubb, which has operations in 54 countries, including Canada.
“After hearing of their concerns about gaps in their insurance portfolio, we developed an extensive roadmap of loss scenarios to identify these gaps within the marketplace in regards to cyber, property and casualty policies,” says Michael Tanenbaum, Chubb’s executive vice president of North America Financial Lines.
“We recognize that policies differ from carrier to carrier, and our endorsements were designed with customization in mind,” Tanenbaum explains.
“Each policyholder will be able to tailor their policies to fill the gaps of their specific policy portfolios. We’re also releasing our loss scenario roadmap to help them start to identify those gaps immediately,” he goes on to say.
Noting that product offerings may vary by location, reported benefits of the new suite of endorsements for Global Cyber Facility, first introduced in 2015, include the following:
risk managers will have a single point of contact to help manage cyber-related exposures across multiple lines of insurance;
policyholders can customize their existing insurance portfolio to close gaps related to their cyber exposures;
the casualty endorsement provides difference in conditions (DIC) insurance to the scheduled casualty lead umbrella for cyber events, including provisional protection in the event of coverage disputes;
the property endorsement offers both DIC and difference in limits (DIL) insurance to the scheduled property policy for loss or damage related to cyber-triggered events; and
claims staff can access experienced claims management, with the ability to access Chubb’s Cyber Incident Response Team, if preferred.
The need to co-ordinate potential gaps in an insurance portfolio placed with multiple brokers and carriers combined with the constant evolution of technology makes it a challenge for risk managers and CISOs “to have a complete understanding of their organization’s total cyber risk,” the statement notes.
The Global Cyber Facility is an enterprise-wide solution designed to help companies assess their cyber and data privacy risk. It incorporates loss control services to mitigate losses, provides access to post breach services, and offers as much as US$100 million in capacity in a single policy, the statement adds.