The Latest Launches From Chubb and OneBeacon

Chubb is now offering new personal cyber protection coverage meant to go with one of its primary homeowners policies. A unit of OneBeacon Insurance Group rolled out coverage designed to tackle life science companies’ exposure to products/completed operations, cybersecurity and communication liability risks.

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Chubb recently rolled out new personal cyber protection coverage.

Dubbed Masterpiece Cyber Protection, the cover can be purchased as a supplement to Chubb’s Masterpiece Homeowners policy. It offers individuals and families in North America beefed-up protection for cyber attacks that lead to extortion and ransomware, financial loss, cyber bullying, cyber disruption, and breach of privacy. Additionally, clients benefit from discounted access to third-party resources, with tools ranging from how to secure network and mobile devices to how to spot signs of online manipulation. Taken together, the policy is designed to help clients proactively protect themselves from cyber risks and minimize their loss if the unexpected happens.

Key benefits of Chubb’s new cyber policy include:

• Protection against threats to release your personal information, holding your files for ransom and destruction of your personal network.
• Protection provided against loss of account funds from a cyber attack and related expenses.
• Assistance dealing with online harassment from cyber bullying.
• Support dealing with cyber attacks that prohibit you from accessing your home or attacks interrupting a small business you operate from your home.
• Aid in dealing with theft, loss or unauthorized access to personal data from a cyber attack.
• Assistance in resolving identity theft.

The cyber policy is currently available in Arizona, Colorado, Hawaii, Kansas, Michigan, Louisiana, Maryland, New Hampshire, New Jersey, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia and Washington, D.C. It will be rolled out to additional states and in Canada throughout 2018 and into 2019 for all North American Masterpiece clients.

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OneBeacon Technology Insurance introduced a modular medical technology product/professional liability policy—Medical Technology Solutions—designed to address life science companies’ exposure to products/completed operations, cybersecurity and communication liability risks.

Through its menu-driven approach, customers can customize their products from a number of first- and third-party coverages with a common set of definitions, conditions and exclusions.

OneBeacon Technology Insurance President Mary Fisk-Bieker said the modular approach means fewer endorsements are required in order for policyholders to have a comprehensive program.

The Medical Technology Solutions product also includes access to 24/7 data breach services, including an incident reporting hotline. Technology risk control specialists are available for consulting and to help develop risk mitigation plans as an extension of the offerings.

Medical Technology Solutions is a claims-made product written on an admitted basis and is already available in most states. International coverages are additionally available.

OneBeacon Technology Insurance, a brand of OneBeacon Insurance Group Holdings Ltd., delivers all-lines underwriting for the technology, life science and medical technology, and telecommunications industries. The specific capabilities offered include risk control, claims and third-party vendor solutions. Products span property, casualty, information risk suite, E&O, international, products liability and professional coverages.

Sources: Chubb, OneBeacon Insurance Group