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WARREN, N.J.Chubb Corp. is offering a new modular insurance policy for midsize financial institutions that the insurer says will prevent potential coverage gaps that might occur under separate policies bought from different companies.
Financial Institution Portfolio is designed for insurance companies, banks, securities firms and asset management companies. Four lines of coverage are available through the policy: directors and officers liability, employment practices liability, fiduciary liability, and kidnap/ransom and extortion.
Warren, N.J.-based Chubb said customers can select the coverages they need and separate limits for each coverage or an aggregate limit for all the coverages.
Financial Institution Portfolio is available in 43 U.S. states and Puerto Rico. It was developed for banks and insurance companies with more than $1 billion in assets and asset management companies with more than $10 billion under management.
Among the highlights of the coverages offered under Financial Institution Portfolio, the D&O liability insurance covers punitive damages where insurable by law, and broadens the definition of "insured person" to include foreign equivalents and "spouse" to include domestic partners. Among other things, the employment practices liability insurance includes access to Chubb's online EPL loss prevention program.
The fiduciary liability insurance includes voluntary settlement program coverage and broadened definitions of "claim" and "administration," while the kidnap/ransom and extortion insurance provides crisis management services from the Ackerman Group Inc.