Insurer and reinsurer Chubb has announced the launch of Pro ERM, a new comprehensive offering which combines Miscellaneous Professional Liability, Media Liability, Cyber Liability, and first-party Cyber coverages with extensive loss mitigation and incident response services.
Chubb states that Pro ERM, which combines numerous covers into a single policy, is an expansion of its comprehensive Cyber ERM offering, and that the introduction is in response to the evolving exposures that require enterprise-wide solutions.
Christopher Calnon, Senior Vice President (SVP), North America Financial Lines at Chubb, commented: “Professional service firms face a variety of liability exposures from their ordinary day-to-day operations, which can have a devastating impact on their company’s bottom line and reputation.
“For example, clients can bring lawsuits against firms for failure to provide a service in a timely fashion, if confidential data is accessed by an unauthorized party, or if a software product recommended by the firm failed to provide targeted efficiencies.”
According to an announcement on the release, key benefits include: Access to Chubb’s cyber loss mitigation and incident response services; the combination of several coverages which removes the need to purchase multiple policies; market-leading coverage features; broadened definitions; and that the solution is available to miscellaneous professional service firms of all sizes.
“Historically, firms would have to purchase multiple insurance policies or endorsements to secure the comprehensive coverage they need to address these risks.
“Purchasing these coverages separately can result in unforeseen coverage gaps, leaving companies vulnerable to additional exposures. With Pro ERMSM, professional service firms now have access to a more fully integrated solution, enabling them to better mitigate, manage and insure their constantly evolving exposures in today’s technology-driven environment,” added Calnon.