The updated product, Chubb Primary Directors & Officers and Entity Securities Liability Insurance, is intended to meet the much-changed needs of publicly traded companies.
PRODUCT: The Chubb PrimarySM Directors & Officers and Entity Securities Liability Insurance
COMPANIES: Federal Insurance Company, Chubb Insurance Company of New Jersey (for New Jersey-domiciled risks only), and Chubb Custom Insurance Company (surplus lines only)
BEST RATING: A++
AVAILABILITY: Available to appointed agents and brokers only.
FOCUS: The Chubb Primary SM Directors & Officers and Entity Securities Liability Insurance was first introduced in 2012 as a modern, concise D&O liability insurance policy for publicly traded companies. The enhanced and updated product is intended to meet the much-changed needs of businesses.
“In today's complex legal and regulatory environment, publicly traded companies are looking for broader D&O protection options," says Tony Galban, senior vice president, D&O product liability manager, Chubb North America Financial Lines. “Our updated offering brings new levels of flexibility and customization with a comprehensive suite of policy endorsements that can be tailored to fit a company's unique needs on a global basis."
COVERAGE DETAILS: The D&O offering has been designed to be highly customizable, incorporating numerous sought-after policy terms and coverages, such as enhanced reporting provisions, along with several other new-to-market features, that provide optimal coverage enhancements. Furthermore, the new policy form enables more customer flexibility and control in choosing how and when to use their coverage.
“Chubb has a long-standing history as a major primary market in insuring D&O," Galban says. “Our new D&O offering has been rewritten, and the policy's durable architecture is supplemented by a broad suite of policy endorsements, so agents and brokers can easily tailor coverage to meet insureds' unique needs."
One such optional coverage is the Global Program Solution Endorsement, available to customers with unique international exposures. “When locally admitted policies are purchased, the Global Program Solution is intended to provide, where permissible by law, a global tie-in of limits and global liberalization of terms and conditions," Galban adds.
UNDERWRITING: Pricing varies based on industry segment and other underwriting factors.
TARGET: The D&O product is principally designed for publicly traded companies but can also be used for private for-profit organizations in certain situations.
COVERAGE AVAILABILITY: Coverage is available to clients domiciled in the U.S., and the policy will apply anywhere in the world.
CONTACT: Tony Galban, senior vice president, D&O product liability manager, Chubb North America Financial Lines.
Will Jones is IA editor-in-chief.