Chubb has expanded its business owner’s policy to the technology industry and added specialized features. Willis Towers Watson launched an insurance product designed to protect financial institutions against social engineering losses. XL Catlin is now marketing its Consumer Products Recall coverage.
Chubb has expanded its business owner’s policy to the technology industry, with specialized features and benefits meant to address risks unique to the sector.
The insurer’s Chubb BOP policy for the technology industry has broad protection for property and liability exposures, as well as umbrella, workers compensation, commercial auto, overseas travel, technology errors & omissions, and cyber liability insurance.
It includes more than 80 property and liability features, and automatic blanket limit of insurance that ties together 13 property coverages. Chubb BOP for technology companies will be offered for computer programing and software outfits, computer-related services, technology manufacturers and wholesalers, telecommunication services, broadcasters and technology R&D startups.
Chubb’s new coverage also features for smaller technology companies such as: automatic blanket limit including electronic data and research, as well as development property; tailored property insurance for mobile communications, electronic data recovery costs (computer virus), installation, and personal property off-premises, including transit and utility services direct damage; crime insurance for computer fraud and funds transfer, identity theft expense, money and securities, as well as employee dishonesty; business income insurance that includes actual loss sustained, business income from dependent property worldwide, alternative power generation, business income extension for websites, and utility services.
Willis Towers Watson debuted an insurance product designed to protect financial institutions against social engineering losses.
Dubbed CyFi, the product is meant to address coverage gaps between cyber-insurance policies and fidelity bonds. The idea is that as financial institutions evolve in the digital age and bring in new technologies for their operations, their exposures increase for a wide range of digital threats including social engineering schemes, theft of data and cyber terrorism.
Willis Towers Watson said that existing cyber-insurance and fidelity policies don’t currently cover the scope of losses connected to social engineering claims, leaving coverage gaps. (A social engineering scheme is where criminals take advantage of weaknesses in human behavior to gain access to a company’s network or data in order to cause financial harm.)
Willis Towers Watson said its CyFi product bridges the gap by giving institutions added capacity that sits above their insurance program’s existing attachment points for individual primary cyber and fidelity placements. As well, their product is designed to grant definitive coverage for scenarios where gaps in coverage exist on a primary basis.
XL Catlin has started marketing its Consumer Products Recall coverage. The product is mean to provide cover for a broad range of affected items including toys, clothing, household goods, electronics and sports equipment.
It is available initially in the U.K., and designed to complement XL Catlin’s existing product recall cover focused on automotive, food and beverage clients.
As well, XL Catlin will be offering Response XL Catlin as part of its Consumer Products Recall insurance. This is a dedicated network of crisis consultants on call 24 hours per day. Having this service is designed to help companies minimize the damage a recall can cause to brand reputation.
Sources: Chubb, Willis Towers Watson, XL Catlin