In response to global cyber threats that require enterprise-wide attention and agile risk management solutions, property and casualty insurance company Chubb has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada.
Two new policy forms, Cyber Enterprise Risk Management (Cyber ERM) and DigiTech Enterprise Risk Management (DigiTech ERM), combine cyber insurance with extensive loss mitigation and incident response services, giving organizations across all industries and sizes an enterprise risk management solution to address their cyber risks. Both policy forms are available in the wholesale and retail markets.
Chubb's Cyber ERM and DigiTech ERM policies provide a fully integrated solution to policyholders, enabling them to mitigate, manage, and insure their constantly evolving cyber and technology exposures.
Key features of Cyber ERM and DigiTech ERM include customizable solutions to address clients' unique needs, regardless of size or type of risk; Chubb's loss mitigation and incident response services; and a Fast Trackquoting platform that offers online quoting and real-time policy issuance for eligible small risks in the United States within minutes (referred risks receive fast turnarounds from a Chubb underwriter);
Cybercrime coverage is available by endorsement or under separate cover from Chubb's Fidelity and Crime product offerings. Cyber-incident response expenses are covered, and there are no minimum premiums; premiums scale for all risk sizes based on scope of coverage and limits. Finally, there is eligibility for up to $25 million in limits, and a maximum capacity of $100 million available through Chubb's Global Cyber Facility for qualifying risks.