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WARREN, N.J.—A new online system will improve access to professional and management liability insurance for privately held and nonprofit firms, Chubb Corp. said Tuesday.
DecisionPoint, the Warren, N.J.-based company's automated submission program for agents and brokers with serving small and midsize companies, is designed to save time by providing clients a bindable quote and completed application based on a several qualifying questions, said Michael Maloney, senior vp and customer group senior manager for Chubb's private/nonprofit specialty insurance practice.
“Agents and brokers often find that obtaining U.S. professional and management liability insurance for small and midsized private companies and not-for-profit organizations can involve a labor-intensive process and tight customer deadlines,” Mr. Maloney said in a statement.
In its current form, the program allows brokers and agents for privately held clients to submit requests for crime, employment practices liability, fiduciary and other miscellaneous professional liability coverage.
Brokers and agents for nonprofit buyers also can seek those products plus directors and officers coverage. The company said D&O coverage for private companies will be available through DecisionPoint next year.