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Chubb Private Company Insurance

Chubb Private Company Insurance

Chubb Private Company Insurance

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Chubb Private Company Insurance Explained

Chubb Ltd. recently announced that is launching a new  modular insurance policy designed specifically for Canadian privately owned companies.

The newly launched Chubb Private Company Insurance called ForeFront Portfolio addresses the broad range of liability risks faced by Canadian private companies in an increasingly risky and litigious business environment, Chubb said in a press release.

The Chubb Private Company Insurance called ForeFront Portfolio will include:

  • Directors & Officers and Entity Liability – Offers protection for directors, officers and top management for decisions they make at the board level. Automatic run off for retired directors, crisis management and blanket for-profit outside directorship coverage is built into the form;
  • Employment Practices Liability – Coverage is tailored to Canada’s unique legal environment and includes a new Canadian termination provision that outlines how a loss will be paid for an employment termination in Canada. Broad wording provides coverage for employment practices liability claims brought by past, present and prospective employees and independent contractors. ChubbWorks, an online resource and risk mitigation tool, is also available for employment practices liability customers;
  • Fiduciary Liability – Designed to help protect insureds against claims alleging a breach of fiduciary duty or an error or omission in the administration of employee benefit plans. Coverage has been expanded to include acts, errors or omissions made in an insured’s settlor capacity which includes establishing, amending or terminating a trust or plan;
  • Cybersecurity – Helps protect against both direct out-of-pocket losses incurred by the insured and liability resulting from network security intrusions and privacy violations. Customers can access Chubb’s eRisk Hub, a cyber-risk management website, as well as discounted data breach consulting for both pre-breach and post-loss assistance;
  • Crime – Protects against a broad range of fraud losses. Services include employee background investigations, discounted crime risk assessment services and a complimentary employee crime hotline reporting service for the first year;
  • Kidnap, Ransom and Extortion – Reimburses expenses for kidnap, ransom or extortion payments, including hostage crisis, ransom delivery and more; includes access to the Ackerman Group, crisis management consultants, who can respond 24/7 on a global basis with expert advice and recommendations. Coverage also provides access to RISKNET, an Internet-based service that analyzes terrorism, criminal and political stability risks around the world;
  • Miscellaneous Professional Liability – Responds to allegations, including errors in performance of service; negligent acts or advice; failure to perform a service; failure of a third party, for whom your company is legally responsible, to perform professional services; breach of contract; and misrepresentation of services;
  • Workplace Violence Expense – Coverage for expenses arising from post-incident crisis management services, including consulting and mental health specialists. Customers can access for free, where available, the first hour of risk management services from a workplace violence consultant up to three times per year; additional hours are available at a discounted rate; and
  • Employed Lawyers Liability – Helps protect against risks stemming from a broad range of in-house counsel activities including rendering personal legal services, notary public services, moonlighting services, and pro bono services.

To Learn More About Chubb Private Company Insurance Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsuranceinc.com 

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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