Chubb Corp. is adding a new benefit to its home insurance policies for high net worth clients – coverage for cyberbullying.
Up to £50,000 will be available for services including counseling, temporary relocation, public relations consultants and cyber security professionals for customers who suffer from cyberbullying, which the carrier defines as three or more acts by the same person or group to harass, threaten or intimidate a policyholder.
The service is primarily aimed at children, one in five of whom are now reported to be victims of cyberbullying, according to a Vodafone/YouGov survey, though the coverage does include adults who lose their jobs or need to take time off as a result of threats to their families.
It is currently being offered in the UK and Ireland, where the coverage is the first of its kind; most cyberbullying provisions in insurance policies cover the alleged perpetrator, not the victim.
“We see insurance as helping our clients get back to how they were before the incident occurred – whether it’s an incident that affects their home or as a person,” Tara Parchment, Chubb private clients manager for the UK and Ireland, told the
Telegraph.
“So we still help to restore homes, cars and belongings that have suffered physical harm or damage, but increasingly it’s about the person and how they cope.”
Parchment said the coverage is a result of recent polling Chubb has performed among high net worth customers and brokers to determine new risks and interests.
Along with the cyberbullying coverage, the insurer is also upgrading auto insurance to cover loss of value after repairs, giving vintage cars the same status and protection as fine art and wine.
The changes to the policies will begin with renewal January 1. New policies have included the provisions since November.
They come as Chubb continues to work through its acquisition by rival ACE Group for $28.3 billion. The combined business will be the second-largest listed property/casualty insurer in the US and one of the biggest names in high net worth insurance coverage.
