Chubb adds D&O, fiduciary enhancements
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Chubb Ltd. has added enhancements to its directors and officers liability and entity securities liability and its fiduciary primary insurance products.
These include, for its D&O coverage, adding defense costs for a written request to toll or waive a statute of limitations applicable to a potential claim.
Chubb said in a statement issued Tuesday that the changes are designed to help companies confronted with a range of management liability risks.
A spokeswoman referred to web pages that list coverage features added and new coverage innovations for D&O and fiduciary liability, respectively.
On its D&O page, in addition to tolling and waiving changes, coverage features added include, among others: the policy expands carve-backs to include sections of federal securities law and broadens the financial impairment carve-back; it modifies the language of several conduct exclusions; and it provides that if a company elects not to report an inquiry, subsequent related matters will not be subject to late notice.
Chubb has changed its primary fiduciary liability coverage to provide coverage for plan enrollment errors, where the injured party has not filed a formal claim.
It has also added a sublimit for fines and penalties that floats above all other fine and penalty sublimits, for customers to use if a specific fine or penalty sublimit has been exhausted.
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