TORONTO, Aug. 30, 2017 /CNW/ -- In response to global cyber threats that require enterprise-wide attention and agile risk management solutions, Chubb has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada. Two new policy forms, Cyber Enterprise Risk Management (Cyber ERM) and DigiTech® Enterprise Risk Management (DigiTech® ERM), combine market-leading cyber insurance with extensive loss mitigation and incident response services, giving organizations across all industries and sizes an enterprise risk management solution to address their cyber risks. Both policy forms are available in the wholesale and retail markets.
"Chubb has more than 15 years of experience underwriting cyber exposures, and more than 30 years of experience handling technology-driven claims," said Michael Tanenbaum, Executive Vice President, Chubb. "During that time, we've catalogued a considerable amount of proprietary loss data that reinforces our approach to combating cyber risk through a three-pronged approach that incorporates risk transfer, loss mitigation services and incident response services."
"That approach is reflected in our new enterprise risk management offerings," added William Stewart, Division President of Chubb's Global Cyber Risk Practice. "All organizations can benefit from this coverage, from the smallest businesses who can take advantage of the ability to quote and issue the policy via Chubb's online portal, to the largest organizations with very customized needs."
Chubb's Cyber ERM and DigiTech® ERM policies provide a fully integrated solution to policyholders, enabling them to mitigate, manage and insure their constantly evolving cyber and technology exposures.
Download more information about Cyber ERM: https://www2.chubb.com/ca-en/_assets/documents/cyber-erm-12.16.pdf
Download more information about DigiTech® ERM: https://www2.chubb.com/ca-en/business-insurance/digitech-enterprise-risk-management-digitech-erm.aspx
Key features of Cyber ERM and DigiTech® ERM include:
- Highly customizable solutions to address clients' unique needs, regardless of size or type of risk
- Chubb's award-winning loss mitigation and incident response services
- Extensive claims experience: on average, Chubb handles claims involving more than two cyber incidents every day
- Market-leading Fast TrackSM quoting platform offers online quoting and real-time policy issuance for eligible small risks in the United States within minutes; referred risks receive fast turnarounds from a Chubb underwriter
- Coverage incorporates insight gained from years of claims and underwriting experience
- Cybercrime coverage is available by endorsement or under separate cover from Chubb's industry-leading Fidelity and Crime product offerings
- Covers Cyber Incident Response Expenses, with expansive consumer-based solutions that are ahead of regulatory requirements
- No minimum premiums; premiums scale for all risk sizes based on scope of coverage and limits
- Eligibility for up to $25 million in limits; maximum capacity of $100 million available through Chubb's Global Cyber Facility for qualifying risks
- Available on a primary and excess basis
Chubb is the world's largest publicly traded property and casualty insurance company and the largest commercial insurer in the United States. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at www.chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.