One of the world’s largest insurance companies,
Chubb, is about to bring a new product into the Canadian market.
Cyber insurance is rapidly emerging as a highly significant insurance offering – and one that some experts believe will soon become a “third” insurance product behind car insurance and home insurance, prompting
Insurance Business to launch its
first ever global cyber live streaming event. Now, Chubb is bringing its enterprise-wide insurance solution Integrity+ to Canada.
The policy is designed to protect Canadian firms from errors and omissions (E&O) liability consumer lawsuits and allows companies to shield themselves from privacy and cyber breaches as well as intellectual property infringements and other financial injuries.
The product, which is already available in the USA, is meant to address the specific risks of companies in the technology sector; as well as those in advanced manufacturing, life sciences and healthcare information technology.
Among its attributes are first party cyber insurance limits that enable companies to safeguard liability limits to meet contractual obligations. It protects expenses associated with privacy data breach and comes with a limit up to $0.5 million.
In addition, there is protection for cyber liability, first party expenses, reputation disparagement, and destructive programming. Insured companies will be able to select a combination of coverage that suits their needs. Meanwhile, clients will also have access to cyber response coaching so they can manage complex legal and regulatory processes linked to data breaches.
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