Canadian Underwriter

Chubb launches product to protect Canadian companies against privacy, intellectual property, financial injury and cyber risks

October 4, 2016   by Canadian Underwriter

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Chubb announced on Tuesday that its Integrity+ product is now available in Canada to help protect companies from errors and omissions (E&O) liability customer lawsuits alleging that their products or services caused privacy violations, intellectual property infringements or other financial injuries, including cyberattacks on their own systems, networks or data.

Laptop typing close up overlaid with binary code and numbers.Integrity+ is designed for the unique risks faced by companies in the technology, life science, advanced manufacturing, healthcare information technology, clean tech and process control/integration industries, Chubb said in a press release. Integrity + is available on a claims-made or claims-made and reported policy in Canada; it is also available in the United States.

The product incorporates protection for destructive programming, cyber liability and first party expenses, and intellectual property/disclosure and reputation disparagement, along with E&O liability insurance, Chubb explained in the release. Customers can choose any combination of the following “state-of-the-art” insurance coverages, as well as options for various policy deductibles and limits:

  • Product or service financial injury (E&O) – Liability insurance protection against claims or suits for financial injuries suffered by the insured’s customer due to defects or deficiencies in the insured’s products or services and the failure of such products or services to perform in accordance with a contract or agreement;
  • Destructive programming – Protects companies that are contractually engaged in streamlining the business operations of supplier, cloud service and financial institution systems if a cyberattack occurs and results in injuries to those systems but the attack was not caused by a product or service defect or contract performance failure;
  • Extended cyber – Dedicated insurance for cyberattacks, covering damages and claimant costs sustained by a third party, other than the insured’s customers, for injuries caused by unauthorized access or use of software, data, or other information in electronic form; and
  • Intellectual property (IP)/disclosure and reputation disparagement – Insurance for injuries sustained by third parties, other than the insured’s customers, resulting from actual or suspected disclosure of confidential information, intellectual property infringement, privacy violation, or reputation disparagement.

Integrity+ also includes first party cyber insurance protection for expenses incurred in connection with a privacy data breach, such as the costs for privacy notification, forensics, remediation and crisis management, and investigation and defence of regulatory actions. These additional first party coverages are included in a basket limit of insurance up to $500,000, which offers flexibility at the time of loss to apportion insurance dollars where they are needed most. Additional limits are also available, Chubb added in the release.

“Cloud computing, big data and mobility continue to play a critical role in addressing the information needs of companies in today’s dynamic business landscape,” said Veronica Somarriba, executive vice president, technology segment manager, commercial insurance, for Chubb North America. “Integrity+ by Chubb provides companies with an enterprise-wide insurance solution to help protect against these evolving risks. This scalable product is built with the client in mind. It provides dedicated first party cyber insurance limits, allowing the client to preserve their liability limits to comply with their contractual obligations.”

Integrity+ by Chubb clients can also access cyber response coaching, along with a list of dedicated service providers, to help them manage the complex regulatory and legal processes in the event of a privacy data breach.

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1 Comment » for Chubb launches product to protect Canadian companies against privacy, intellectual property, financial injury and cyber risks
  1. Lots of new threats come up every year. We will get separate insurance plan for each of them?

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