Chubb Group of Insurance Companies has announced that it will now be offering a new policy that is designed to help cover the in-house attorneys and their personal assets against allegations of legal malpractice. ChubbSM’s Employed Lawyers Professional Liability will give broad protection to employers as well as their in-house attorneys when they offer services provided by counsel in-house for such activities as providing the board of directors with legal opinions, or giving a review of shareholder communications. The protection is designed to cover defense, settlements, and judgments. It can…
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The need for cyber insurance grows in light of recent attack on 48 chemical and defense companies in the U.S.
A new report from Symantec Corp., a leading security firm, highlights the dangers of cyber attacks and the value of cyber insurance. Late last month, approximately 48 chemical and defense companies in the U.S. were the targets of a large cyber attack that was traced back to one man in China. Symantec did not identify the companies in the report, but noted that few had any kind of insurance to protect against such an attack. The attack has been linked to industrial espionage, as the compromised information detailed chemicals, formulas…
Read MoreStrategic alliance formed between Aspen U.S. Insurance and V3 Insurance Partners LLC
Aspen U.S. Insurance has announced that it has formed a strategic alliance with the managing general underwriting agency, V3 Insurance Partners, in order to be able to sell the optional premises liability and miscellaneous professional liability program called Vantage 360® MPL+ to every state in the country. This program was created with professional service companies in mind; specifically those with less than $15 million in yearly revenues. The program is for wholesale brokers only by way of V3. Protection is made available on both a non-admitted and admitted basis. V3…
Read MoreLegislators meet to determine a course of action for cybersecurity
A bipartisan cybersecurity bill may be heading for Congress this week. Federal lawmakers have been discussing the growing threat residing in the digital world and what it means for national security and that of citizens. Over the years, several companies have been the target of cybercrimes such as hacking and data theft. The recent security breaches at Sony Online Entertainment, which compromised the financial information of thousands of consumers, highlight the need for new legislations that encourage cyber insurance. Cyber insurance – that is, insurance that protects against cybercrime –…
Read MoreCyber security a major issue for the U.S. according to inquisitive task force
Cyber security is a growing area of concern in the business world. A number of major attacks have shown the danger of having lackluster protection and has cost some companies millions of dollars. The damage wrought from these attacks in not only shouldered by the targeted companies, however, they have also produced grievous financial wounds on consumers who had their identities and financial information compromised in the attacks. A Congressional task force, which was tasked with the duty of investigating the importance of cyber security, has released recommendations to lawmakers…
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