Baltimore will purchase $20 million in cyber liability insurance coverage

Cyber Liability Insurance Coverage - Baltimore

The city is taking preventative action after having already suffered a massive ransomware attack. Baltimore has just committed to purchasing $20 million in cyber liability insurance coverage. That city experienced a massive ransomware attack last spring. The city is still paying off the bills for the contractors who participated in the city’s digital recovery. The costs from the ransomware attack on Baltimore are increasingly coming due. As those expenses loom, city officials are preparing to purchase $20 million in cyber liability insurance coverage to pay for any potential disruptions that…

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Chubb insurance strategy braces for Brexit through corporate structure conversion

Insurance strategy - Brexit

Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea. As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit. The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom. At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United…

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Wholesale insurance brokers face investigation conducted by UK FCA

Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

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Chubb hopes their cyberbullying insurance policy will make a much-needed difference

computer keyboard cyber insurance market

The insurer has now started offering this additional optional coverage to its homeowners customers. Chubb has now started to offer an additional cyberbullying insurance policy option to customers who already have homeowners coverage through the insurer, with the hopes of providing added protection against many forms of digital cruelty and humiliation. The purpose of the coverage is to cover the cost of repairing an online reputation and of counseling. While it can be very embarrassing for people who have discovered that someone else has posted embarrassing photos on social media…

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Cyberbullying insurance is now being sold in the UK

cyber insurance theft id higher rates

One company in the United Kingdom has now started selling policies that offset the costs of trolling. Although cyber policies are nothing new, as companies need to protect themselves against the risk of data breaches, an insurer in the United Kingdom is now offering cyberbullying insurance as many companies and individuals have also come to find that online trolling can also be very disruptive and expensive. The practices of online trolls and cyberbullies can sometimes just be a nuisance but can also become very extreme. Some actions from trolls are…

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New Chubb iPad App Puts Desktop in Agents’ Hands

mobile phone video insurance industry technology

WARREN, NJ – A new iPad application from Chubb Personal Insurance makes it easy for agents and brokers who are out of the office to access Chubb policies, marketing materials and the status of claims. The free @chubb Mobile app enables agents to use their password-protected Chubb ID to access Chubb’s Masterpiece® homeowners’ policy processing system; real-time claims information; rule and rate manuals from each state; and coverage summaries. A resource center provides links to www.chubb.com/personal, where agents can find product and service information, loss prevention tips and available discounts.…

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Cyber insurance still not being used by most North American companies

cyber insurance

Businesses still don’t seem to be protecting themselves against the risk of attack. The results of a new risk survey conducted by Chubb Insurance have been released, and they are showing that over 70 percent of North American businesses have created an incident response plan in order to deal with a security breach, and yet among them, 57 percent have not made cyber insurance an element. Liability coverage against online attacks is considered to be a vital part of this form of response plan. At the same time, the respondents…

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