Transcript Chubb International Insurance

Winning With Chubb
Writing Technology Business in a Challenging
Marketplace
April 24, 2012
Agenda
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Chubb’s Position in the Sale
Chubb in the Technology Sector
Review of Technology Appetite
Technology Products: Masterkey & INTegrity+ 2.0
Masterkey Highlights
INTegrity+ 2.0 Highlights
Technology Successes
Technology Submission Requirements
Emerging Sectors
Questions & Answers
Winning With Chubb
Chubb’s Position in the Sale
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We aim to make your job easier
Tailored insurance solutions
• Add value on a global scale
• Provide coverage that is unique in scope
• Stable and long term commitments
Winning With Chubb
Chubb’s Position in the Sale
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Independent Brokers Gone Global
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Outsourcing and global supply chains a reality
Suite of products that provide real global
coverage
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TRUE World Wide Suits
World Wide Contingent Business Income
Foreign Voluntary Workers Compensation
International Automobile
Foreign Admitted Placements
Winning With Chubb
Chubb’s Position in the Sale
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Independent Brokers Gone Global
• Brokers may not have internal resources
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Understanding Foreign requirements
Finding a Foreign broker
Issuing a Foreign policy
Winning With Chubb
Chubb in the Technology Sector
Did you know?
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Chubb has been writing technology accounts since
the 1970s
Chubb has specialized underwriters, loss control and
claims personnel who are experienced in dealing with
the exposures unique to technology clients
Chubb insures many of the top technology companies
in Canada
Chubb's Information and Network Technology
department has local presence in offices across the
globe
Winning With Chubb
Technology Risk Appetite
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Technology segments that we target:
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Software development
Hardware manufacturing and assemblers
Data processing
Peripheral manufacturing
Security hardware/software
Call Centers
ISP’s (Internet Service Providers)
Value-Added Resellers
Video/Teleconference Companies
Winning With Chubb
Technology Risk Appetite
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Industries that we do not target:
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E&O for e-commerce and web development
Enterprise resource planning E&O
Customer relationship management E&O
Supply chain management E&O
E&O for IT Consultants
Infrastructure construction projects
Risks with high concentration of CAT exposure
Winning With Chubb
Target Technology Risk Profile
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Revenue >$5M
Meets minimum premium requirements:
• $15,000 for Package + $10,000 Blended E&O Liability
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US or International Exposure
Good Quality Control procedures
Strong Financials
Good Contractual Controls:
• Non-Acceptance of Consequential Damages
• Limitation of Liability
• Disclaimer of Warranties
• Hold Harmless in Insured’s Favour
Positive loss history
Winning With Chubb
Technology Products
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Masterkey
• Package policy which includes: Property, CGL
• INTegrity+ Blended E&O Liability
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Impairment of Computer Services (ICS)
• Available with purchase of Masterkey Package policy
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Boiler & Machinery Breakdown
Umbrella
International
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International Admitted Placements
Foreign Voluntary Worker’s Compensation
International Auto Liability
True Worldwide Suits
Winning With Chubb
Masterkey Highlights
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Automatic $500,000 Blanket limit for each location
which includes: EDP, R&D Property
$25,000 limit for R&D Property AOL
Can buy coverage for EDP Property, or separately
for each of EDP Equipment, Electronic Data, Mobile
Communication Property and Communication
Property
ICS (Impairment of Computer Services) Limit
• $100,000 for Inside Attack
• $10,000 per occurrence for Outside Attack up to aggregate
limit of $50,000
Winning With Chubb
INTegrity+ 2.0 Highlights
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Product
defects
Breach of
Contract
Failure to
perform services
Fines and
Penalties
IP / Injunctive
relief
Privacy Remediation
Expenses
Media /
Libel /
Slander
Disclosure,
Publication or
Use
PII/BCI
Winning With Chubb
INTegrity+ 2.0 Highlights
Three Components of INTegrity+ Blended E&O
Liability:
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Product Or Service Financial Injury
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“Traditional” E&O liability insurance for product or service defects or performance
failures in providing technology, data security and other services.
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Technology Related Injury (TRI)
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Liability insurance protection for specific types of intellectual property
infringements (including computer code) privacy violations, libel, slander and
other so-called “personal injury” offences in any medium.
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True Claims Made trigger – Claims Made & Reported Available
Value, Standard and Premier platform options
Can purchase IP/Media and/or Privacy portion of TRI.
Privacy Remediation Expenses (PRE)
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First party insurance to reimburse you for expenses you incur to comply with
privacy data security breach notification laws after a breach.
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Automatic limit of $100,000 with $10,000 Deductible – can purchase up to $1M subject
to additional information/premium.
Winning With Chubb
INTegrity+ 2.0 Highlights
Product or Service
Financial Injury
Errors & Omissions
 Financial injury
arising from
defects, deficiencies
or failure to perform
pursuant to a
performance
contract
 No Security Breach
exclusion
 Worldwide Territory
 Value level of
coverage
Technology-Related
Injury
Privacy
Remediation
Expense Coverage
Intellectual
Property, Privacy
and Media
 Direct and
consequential loss
 No Security Breach
Exclusion
 Worldwide Territory
 Retro date flexibility
Insured’s costs to
comply with Security
Breach Notification
Laws for a privacy
data breach
Winning With Chubb
Recent Technology Successes
Class of
Business
Telecom
Software
Developer
Internet
Service
Provider
Coverage
Written
Package
•Boiler
•Blended E&O
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Package
•Boiler
•Blended E&O
•Umbrella
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Package
•Boiler
•Blended E&O
•Umbrella
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Premium
Why Chubb?
$25,000
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$30,000
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$45,000
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Winning With Chubb
Ability to tailor coverage
to meet insured’s needs
•Competitive pricing
Ability to facilitate
International Admitted
policies
•International capabilities
Chubb’s expertise in the
Technology sector
•Ability to write multiple
lines of coverage
Recent Technology Successes
Class of
Business
Software
Developer
Application
Service
Provider
Coverage
Written
Package
•Boiler
•Umbrella
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Package
•Blended
E&O Liability
•Umbrella
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Video Game •Package
Quality
•Blended
Control
E&O Liability
Premium
Why Chubb?
$20,000
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$80,000
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$30,000
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Winning With Chubb
Ability to write multiple
lines of coverage
•Ease of doing business
Ability to write
International Admitted
placements
•Competitive pricing
True Worldwide suits &
International coverages
•Ability to write
International Admitted
placements
Technology Submission
Requirements
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INTegrity+ Blended E&O Application
TRI (Technology-Related Injury) Application
is required if insured wants IP/Media
coverage
• Completed application required in order to quote
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Standard Contract
• We will typically require a copy of the insured’s
Standard Contract with their clients
Winning With Chubb
Getting an Underwriter’s Attention
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The best Technology submissions also
include:
• Strong description of operations
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Recent Financials
Complete loss history
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Locations, COPE, customers, suppliers
Revenue broken down by product category/geography
Quality control overview
Incident status – Open/Closed
Strong description of what happened
Largest Contract and/or any contracts that
deviate from the Standard Contract
Winning With Chubb
Chubb’s Emerging Technology
Facility
 A competitively priced, property, GL,
and E&O coverage for technology
clients with less than $5MM in
revenue
• 82% of Canada’s “Information and
Communication Technology” (ICT)
sector consists of companies with less
than 10 employees
• 25,800 companies had less than 10
employees
Winning With Chubb
Chubb’s Emerging Technology
Facility
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E&O limits up to $5MM
Minimum premium of $5,000 for
E&O, GL, and Property
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An example of a minimum premium
account would be a "low hazard" risk
that wishes to purchase $1MM E&O
limit, $1MM GL limit, and has a property
TIV of around $1MM
[email protected]
Winning With Chubb
Clean Tech
Winning With Chubb
Clean Tech
Winning With Chubb
Winning With Chubb
Writing Technology Business in a Challenging
Marketplace
April 24, 2012