Chubb has enhanced two of its key financial lines wordings in the UK and Ireland – Elite D&O and Elite Commercial Crime – as the insurer continues to invest in this risk area.
Grant Cairns, financial lines manager for Chubb in the UK and Ireland, said the improved wordings contain new extensions and added-value services that would set the company apart from the competition.
“Today’s launch underlines our commitment to continue working with our brokers and partners to ensure that our offering is fit for purpose and responds to their rapidly evolving needs,” Cairns said.
Elite D&O covers the risks faced by executives in both private and listed middle market companies, large corporates and multinationals across the UK, Ireland and beyond. Chubb said the wording was updated in response to feedback from its broker panel.
According to Chubb, the new wording now includes over 30 extensions of cover as standard, including extended definition of investigation, broadened pre-investigation costs extension, preservation of Side A limit, insuring clause for subpoena costs, M&A claims and regulatory crisis costs extension and insolvency hearing cover.
Meanwhile, Elite Commercial Crime provides cover to businesses of all sizes. It also covers clients if the business is liable for their assets, securities or properties that suffer financial loss due to criminal or fraudulent activity by an employee or a third party.
The new wording’s key benefits include policy limit for property/cyber extortion financial loss, recovery costs for incident response, affirmative social engineering cover, protection for third parties with an insurable interest, expenses limit in addition to main policy limit and defence costs to defend legal liability for loss of client money, securities or property.
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