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Chubb Ltd. said Tuesday it is introducing a new policy that provides a package of coverages for professional services firms.
Pro ERM combines miscellaneous professional liability, media liability, cyber liability and first-party coverages with extensive loss mitigation and incident response services in a single policy, the insurer said in a statement.
Chubb said features of the policy include loss mitigation and incident response services as well as law firms and counsel with extensive professional liability insurance experience; coverage in a single policy, reducing the need for multiple insurance policies; 100% defense costs coverage; broadened definitions; and expanded reporting provisions and coverage extensions.
Chubb said the coverage, which is an expansion of Chubb’s Cyber ERM policy, is available to firms of all sizes.
Up to $25 million in limits are available, according to a spokeswoman.
U.S. insurers Chubb Ltd. and Liberty Mutual Insurance Co. are among 12 insurers at Lloyd's of London supporting a £53 million ($67.35 million) facility that will trial innovative types of insurance for complex and non-standard risks, Lloyd’s announced Tuesday.