Chubb Cyber Insurance
Chubb offers comprehensive cyber insurance solutions, leveraging its long-standing expertise in the insurance industry. Founded in 1882 as a marine underwriting business in New York City, Chubb has evolved into a global leader in property and casualty insurance over its 140-year history. Chubb has a long history in cyber insurance; Chubb’s tailored products and resources — and their signature financial strength — will help protect your business in the ever-changing risk landscape of today’s data-based world.
Cyber ERM
Cyber Enterprise
Risk Management
Chubb Cyber Enterprise Risk Management (ERM)
Chubb’s Cyber Enterprise Risk Management (Cyber ERM) is a comprehensive solution designed to address the evolving landscape of cyber risks businesses face today. With over 20 years of experience handling cyber incidents, Chubb offers a sustainable approach to insuring a broad array of cyber events, including widespread events that can result in catastrophic losses.
The Cyber ERM program is built on a three-pronged approach:
- Loss Mitigation Services: Providing tools and resources to assess and address cybersecurity risks proactively.
- Incident Response Services: Offering a diverse team of experts to help limit exposure when an event occurs.
- Risk Transfer: Providing broad and sustainable insurance coverage backed by Chubb’s financial strength.
Competitive Advantages
Chubb’s Cyber ERM stands out with several competitive advantages:
- Leading provider of cyber risk solutions since 1998
- Highly customizable solutions for all sizes of businesses
- No minimum premiums
- Cybercrime coverage available
- Expansive consumer-based solutions for cyber incident response
- Online quoting for eligible small risks
- Innovative coverage addressing evolving standards
- Easy-to-read policy form
- Worldwide coverage territory
New Endorsements (2021)
Chubb introduced three new endorsements in 2021 to enhance their Cyber ERM offering:
- Widespread Event Endorsement: Addresses events with widespread impact, allowing tailored coverage for specific perils.
- Ransomware Encounter Endorsement: Provides a customized set of coverage options for ransomware risks.
- Neglected Software Exploit Endorsement: Rewards good software patching practices while gradually adjusting risk-sharing for unpatched software.
Coverage Options
Cyber ERM offers a range of coverage options, including:
Third-Party Liability Coverage:
- Cyber, Privacy, and Network Security Liability
- Payment Card Loss
- Regulatory Proceedings
- Media Liability
First-Party Coverage:
- Cyber Incident Response Fund
- Business Interruption (including Contingent Business Interruption)
- Digital Data Recovery
- Telephone Toll Fraud
- Network Extortion
Cyber Crime (by endorsement):
- Computer Fraud
- Funds Transfer Fraud
- Social Engineering Fraud
Chubb’s Cyber ERM provides a flexible and comprehensive solution for businesses seeking to protect themselves against the ever-evolving landscape of cyber risks. By offering tailored coverage options and innovative endorsements, Chubb aims to provide long-term stability in the cyber insurance marketplace while addressing each client’s unique needs.
DigiTech ERM
DigiTech Enterprise
Risk Management
DigiTech® Enterprise Risk Management (ERM)
Chubb’s DigiTech® Enterprise Risk Management (ERM) policy is a comprehensive solution designed to address the complex cyber and technology risks modern businesses face. With over 30 years of experience handling technology-driven claims and cyber incidents, Chubb offers a distinctive level of protection that can be customized to meet specific organizational needs.
DigiTech® ERM employs a three-pronged approach:
- Loss Mitigation Services: Provides access to tools and resources for proactively addressing and assessing key cybersecurity risks.
- Risk Transfer: Offers broad and sustainable coverage backed by Chubb’s A++ rated financial strength.
- Incident Response Services: Provides a team of experts to help limit exposure when an event occurs.
Competitive Advantages
- Market-leading customizable solutions for all sizes of risks and industries
- No minimum premiums
- Cybercrime coverage is available by endorsement or as a separate cover
- Expansive cyber incident response expense coverage
- Online quoting and real-time policy issuance for eligible small risks
- Industry-leading coverage designed to address evolving standards
- Easy-to-read policy form aligned with the typical cyber incident flow
- Universal coverage territory
New Endorsements (2021)
- Widespread Event Endorsement: Addresses cyber incidents with widespread impact, allowing tailored coverage for specific perils.
- Ransomware Encounter Endorsement: Provides customized coverage limits, retention amounts, and coinsurance for ransomware risks.
- Neglected Software Exploit Endorsement: Rewards good software-patching practices while gradually adjusting risk-sharing for unpatched software.
Coverage Synopsis
DigiTech® ERM offers a range of third-party liability and first-party coverages:
Third-Party Liability Coverage:
- Technology Errors and Omissions
- Cyber, Privacy, and Network Security Liability
- Payment Card Loss
- Regulatory Proceedings
- Media Liability
First-Party Coverage:
- Cyber Incident Response Fund
- Business Interruption (including Contingent Business Interruption)
- Digital Data Recovery
- Telecom Theft
- Network Extortion
Cyber Crime (by endorsement):
- Computer Fraud
- Funds Transfer Fraud
- Social Engineering Fraud
DigiTech® ERM represents Chubb’s commitment to providing cutting-edge, adaptable cyber insurance solutions that address the evolving digital risk landscape. By offering tailored coverage options, including coverage for widespread events, Chubb aims to provide greater coverage certainty and long-term stability in the cyber insurance marketplace.
Pro ERM
Professional Enterprise
Risk Management
Professional Enterprise Risk Management (Pro ERM℠)
Chubb’s Professional Enterprise Risk Management Policy (Pro ERM℠) is a comprehensive insurance solution designed for professional service firms operating in today’s interconnected, technology-driven world. This policy combines multiple coverages into a single package, addressing a range of exposures and reducing potential coverage gaps.
Coverage Areas:
Pro ERM℠ protects various scenarios where professional service firms can be held accountable, including:
- Providing professional services to clients
- Delivering technology services
- Producing or publishing advertising or media content
- Handling private or proprietary information
Comprehensive Protection:
The policy incorporates several crucial coverage areas:
- Professional Liability: Covers errors or omissions in professional services
- Electronic, Social, and Printed Media Liability: Addresses risks associated with advertising and media presence
- Cyber, Privacy, and Network Security Liability: Offers protection against cyber risks
- First-Party Coverage: Includes cyber incident response, business interruption, digital data recovery, and network extortion
Additional Benefits:
- Flexibility to tailor coverage to unique exposures and needs
- Access to Chubb’s cyber loss mitigation and incident response services
- Option for additional coverages through endorsements, such as Media Liability for Professional Firms and Cyber Crime
Why Choose Pro ERM℠?
- Consolidated Coverage: Eliminates the need for multiple policies
- Client Requirements: Meets professional liability insurance requirements often mandated by clients
- Broad Protection: Covers liability arising from the firm’s actions and subcontractors’ work
- Data Security: Addresses the duty to safeguard proprietary and personal information
- Competitive Advantage: Can serve as a marketing asset when bidding for contracts
Chubb’s Strengths
Chubb has established itself as a leader in professional liability insurance due to:
- Strong financial stability, as evidenced by high ratings from independent analysts
- Reputation for fair claims handling and superior service
- Offering some of the broadest coverage available in the market
Pro ERM℠ is suitable for professional service firms of all sizes, including consultants, business process administrators, marketing firms, applied arts professionals, printers, staffing firms, travel agents, and trustees. By combining comprehensive coverage with Chubb’s expertise and support services, Pro ERM℠ offers an enterprise-wide solution to address the complex risks modern professional service firms face.
Chubb Cyber Insurance
Business Overview
Founded in 1882, Chubb is a leading global provider of property and casualty insurance, accident and health insurance, reinsurance, and life insurance
Commercial Insurance: Offering comprehensive solutions for businesses of all sizes across various industries and sectors
Personal Insurance: Tailored coverage for individuals and families, protecting their homes, valuables, and personal well-being
Specialty Lines: Providing niche expertise in fine art, marine, terrorism, kidnapping & ransom insurance, and cyber insurance
Cyber Insurance Coverage
First Party Coverage
- Cyber incident response fund: Legal fees, forensics, notification costs, credit monitoring, public relations
- Business interruption: Loss of net profits and continuing operating expenses from interruptions of insured’s systems; and with contingent business interruption, adds losses due to interruption of outsourced technology provider’s systems
- Digital data recovery: Costs to restore or replace lost or damaged data or software
- Network extortion: Reimburse extortion payments and negotiation expenses
Third-Party Liability Coverage
- Cyber, privacy, and network security liability: Liability for failure to protect the private or confidential information of others or failure of network security
- Payment card loss: Contractual liabilities owed to payment card industry firms because of a cyber incident
- Regulatory proceedings: Defense for regulatory actions and coverage for fines and penalties, where insurable by law
- Media liability: Liability following defamation or copyright and trademark infringement online costs
Cyber Crime (by Endorsement)
- Computer fraud: Third party accessing insured’s computers to take money
- Funds transfer fraud: Third party tricking a bank into transferring funds from the insured’s account
- Social engineering fraud: Third party tricking an employee into transferring money
Cyber Coverage Highlights
Non-Panel Incident Response Service Providers If policyholders have already contracted with cyber incident response providers that are not current Chubb pre-approved service providers, we offer the flexibility to add them to a policy
Innovative, industry-leading coverage Designed to address evolving regulatory, legal, and cybersecurity standards and to anticipate future changes
Easy-to-read form: Aligned with the progression of typical cyber incidents to aid decision-making throughout the incident
Clearly labeled exclusions with competitive carve-backs
Discovery-based coverage at a control group level
Cyber Incident Response Expenses are paid on behalf of the policyholder with expansive consumer-based solutions that are more robust than minimum regulatory requirements
Payment Card Loss coverage includes card re-issuance costs
The Business Interruption and Extra Expense language includes the cost of retaining a forensic accounting firm to determine the amount of business interruption loss
The broadened definition of Protected Information includes biometrics, internet browsing history, and personally identifiable photos and videos
Digital Data Recovery includes telephone toll fraud — costs incurred as phone bill charges due to fraudulent calling
Extortion Expenses explicitly include Bitcoin and other cryptocurrencies
Coverage territory is applicable to anywhere in the universe
This description provides general information on cyber insurance and does not cover all specifics; actual coverage will depend on the terms of your individual policy.
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New Coverage Concepts
As our dependence on technology continuously grows, so does cyber incidents’ frequency, severity, and sophistication. Chubb addresses growing cyber risks with a flexible and sustainable approach for policyholders. From coverage for widespread cyber catastrophes to rewarding good software security practices, Chubb addresses cybercrime evolutions with insurance innovations.
Widespread Event Endorsement
With the world becoming increasingly digitized and interconnected, most companies leverage and often rely upon widely used software programs, communication platforms, and technology platforms. A single attack upon and/or failure of one of these widely used platforms or technologies could create an aggregation risk that exceeds the insurance industry’s capacity to insure. In an effort to provide policyholders with coverage clarity and market stability, we provide affirmative and specific limits, retentions, and coinsurance for widespread events.
Ransomware Encounter Endorsement
Ransomware attacks have grown dramatically in both frequency and severity. The loss to policyholders is far broader than just the value of the ransom amount. Whether the ransom is paid or not, policyholders often incur legal costs, forensic investigatory expenses, business interruption loss, digital data recovery costs, and potential liability and legal defense costs. The ransomware encounter endorsement allows for tailoring coverage limits, retention, and coinsurance for losses incurred due to a ransomware encounter.
Neglected Software Exploit Endorsement
Keeping software updated is an essential aspect of good cyber risk hygiene. Many losses can be prevented by patching vulnerable software before cybercriminals can exploit it, but some organizations may not patch software right away. Sometimes, there are legitimate reasons why software updates need to be tested before being rolled out—compatibility, capacity, or simple logistics issues may prevent even a well-run information security organization from deploying patches within the first day or week after they become available.
Chubb may address this risk for policyholders who lack strong patch management hygiene by adding the neglected software exploit endorsement. This endorsement provides policyholders with a 45-day grace period to patch software vulnerabilities published as Common Vulnerabilities and Exposures (CVEs) within the National Vulnerability Database operated by the U.S. National Institute for Standards and Technology (NIST). After the 45-day grace period expires, risk sharing between the policyholder and insurer incrementally shifts to the policyholder, who takes on progressively more of the risk if the vulnerability is not patched at the 45-, 90-, 180-, and 365-day mark.