Company also adds new cargo theft protection products.
The nonprofit American Bar Association (ABA) affiliate, the American Bar Endowment, has chosen the Chubb Group of Insurance Companies as their primary cyber liability commercial insurance provider for the association’s members.
The coverage for law firms extends beyond standard professional liability protection for lawyers.
This product includes many other forms of coverage, such as those for cyber breach notification costs, as well as “billable lost hours” through business interruption protection. It also helps to decrease coverage overlaps by third parties by allowing a law firm to designate the Chubb professional liability or CyberSecurity policy as the main commercial insurance, and call the other an excess coverage.
When CyberSecurity is designated as an excess coverage by law firms, they may be able to obtain a discount.
According to Chubb Specialty Insurance vice president, James Rhyner, “Cyber thieves frequently target law firms because the firms possess a wealth of confidential information on clients. Chubb’s CyberSecurity coverage and loss prevention expertise help protect law firms against the serious legal, ethical, reputational and financial consequences associated with the theft or accidental release of such data.”
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The American Bar Endowment president, N. Lee Cooper, who was previously the president of the ABA, also explained that the expertise that Chubb holds for serving law firms makes it uniquely capable of understanding the specific forms of risk and exposure which the association’s members face. He went on to say that the ABA is happy to be able to increase their relationship with that well reputed insurer.
Chubb also provides a long range of additional forms of commercial insurance coverage, such as professional property and liability, as well as more specialized coverages such as those designed for tracking cargo shipments in order to reduce the opportunity for theft.
That security services suite helps to reduce the number of commercial insurance claims that need to be made – as well as the payments that will have to cover them – and will keep premiums to a minimum. This program is a partnership between Chubb and FreightWatch, as they battle problems with cargo theft that is currently reaching record levels. Chubb policyholders with this program will be offered a 10 percent discount on their rates.