Chubb debuted a new package insurance project targeted to businesses of a certain size in Australia. Travelers is now offering an online tool to help contractors identify areas surrounding a jobsite that could be affected by vibrations from heavy equipment. Guy Carpenter released its latest version of a catastrophe modeling tool. Beazley unveiled a new cyber/breach response portal designed for broker use.
Chubb launched a package insurance product for small and medium-sized businesses in Australia.
Dubbed Chubb Business Pack Insurance, the product is designed to offer broad coverage for property and liability exposures that helps protect business owners from a range of operating risks, including standard coverage for business interruption, general property damage, public and products liability, machinery and equipment breakdown, theft, money and tax audits.
Chubb Business Pack Insurance also includes protection against cyber and environmental liability. Cover is available for cyber liabilities such as network security, privacy and data asset loss while the environmental protection component of the policy covers sudden, accidental and gradual pollution originating at the insured location.
Specifically tailored for Australian businesses with turnover of up to A$10 million (US$8 million), Chubb Business Pack Insurance currently serves the following industry segments: office & professional services, healthcare & medical surgeries, retail and trades & services. Chubb said these occupations account for up to 35 percent of the SME market in Australia.
Chubb has plans to extend the Business Pack risk appetite to include occupations from other industries.
Travelers now has an online tool to help contractors identify areas surrounding a job site that could be affected by vibrations from heavy equipment – a common cause of construction-related damage and project delays.
The tool is known as ZoneCheck, and it delivers a customized report including recommendations for completing preconstruction surveys and steps for monitoring the job. The online tool is available to Travelers’ construction customers through the company’s Risk Control website.
Customers can have ZoneCheck automatically find their location through geolocation settings or by inputting the address on the website from their mobile device or computer. After a customer enters basic information – equipment and soil types – ZoneCheck generates an aerial image of the site depicting the areas within which people may feel vibrations and nearby buildings may be affected.
As well, ZoneCheck also provides tips for documenting existing risk mitigation steps, which can later be used to help protect contractors from claims alleging property damage resulting from the construction. ZoneCheck reports can be stored as PDFs and shared with other project stakeholders.
Guy Carpenter has rolled out MetaRisk 10, a modeling tool it bills as being a major advance in automation.
MetaRisk 10 adds support for A.M. Best’s new stochastic-based Best’s Capital Adequacy Ratio, and also enables modeling of “hours clauses.”
New additions also include incorporating open-source IronPython scripting with its own MetaRisk ModelBuilder, which the company said will gives users a better experience and also “unparalleled” speed and efficiency when building and updating models.
Having these new tools within the modeling product allows for the creation of models by loading parameters from typical external applications such as SQL or Microsoft Excel. By doing so, this improves the performance of MetaRisk’s suite of risk and modeling tools, the company said.
As well, the product includes integration of policy year and accent year data that Guy Carpenter terms as “seamless,” an advance that allow for appropriate treatment of both risks attaching and losses occurring reinsurance contracts.”
Guy Carpenter is owned by Marsh & McLennan Companies.
Beazley now offers a Cyber & Breach Response portal for exclusive use by its brokers.
Brokers, once registered, gain access to cyber basics, industry-specific information, regulatory updates, product information, breach and claim examples and risk insights. Also, brokers can ask Beazley experts questions directly from the site and access a wide variety of external sources that give additional knowledge and insight.
The portal is designed to complement beazleybreachsolutions.com, the specialist insurer’s dedicated site for clients with a data breach policy. It offers a broad range of information and resources to help clients understand what services they have and to best prepare and plan for a data breach.
Sources: Chubb, Travelers and Guy Carpenter.