The new product helps fill coverage gaps and provide substantive resources designed to protect organizations from existing and evolving D&O threats.
PRODUCT: The ForeFront PortfolioSM.
COMPANIES: Federal Insurance Company; Chubb Insurance Company of New Jersey (New Jersey domiciled risks only); Chubb Custom Insurance Company (surplus lines only).
BEST RATING: A++
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Organizations of all sizes are exposed to a more complex and costly legal and regulatory environment than ever. As a result, the cost to defend and settle directors & officers claims has increased by 90% on a constant dollar basis over the past decade, according to Chubb's claims data.
Chubb has been protecting private, nonprofit and health care organizations for more than two decades. The ForeFront Portfolio includes the foundational coverage offerings insureds have come to rely on while allowing for flexibility to adapt to their specific business needs.
“Our new product is developed to specifically address feedback we've received from agents, brokers and policyholders, regarding the growing need for more comprehensive solutions," says Scott Williams, senior vice president, chief underwriting officer, private/not-for-profit, North America Financial Lines, Chubb. “Our new offerings help fill coverage gaps and provide substantive resources designed to protect organizations from existing and evolving threats."
COVERAGE DETAILS: With seven optional coverage parts that work together or as a standalone policy, private, nonprofit and healthcare organizations now have the ability to purchase these coverages in a configuration not previously offered by Chubb.
Chubb redesigned core elements of the underlying liability and first-party products by creating extensions for D&O, employment practices liability insurance and fiduciary liability, which each contain flexible defense cost coverages, early engagement expense coverage and early settlement opportunities. Crime; kidnap ransom and extortion; workplace violence expense; and employed lawyers liability coverages are also available coverages.
UNDERWRITING: Submission requirements vary by insured size, industry class and product sought. A typical submission includes an application, financials and ownership information.
TARGET: The ForeFront Portfolio is designed to provide coordinated and consistent insurance protection to private, nonprofit and health care organizations of all shapes and sizes.
COVERAGE AVAILABILITY: All U.S. states on an admitted basis.
COVERAGE TERRITORY: Worldwide coverage available to U.S.-domiciled organizations.
CONTACT: Scott Williams, senior vice president, chief underwriting officer, private/not-for-profit, North America Financial Lines, Chubb; 212-209-2267.
Will Jones is IA editor-in-chief.