Chubb Targets Credit Unions

NU Online News Service, Feb. 27, 10:12 a.m.EST?The Chubb Group of Insurance Companies announced a newinsurance product for credit unions: ForeFront Security byChubb?Credit Union Bond. The insurance policy gives credit unions anew choice for fidelity protection and is specifically designed tomeet the insurance needs of well-managed credit unions.

ForeFront Security by Chubb?Credit Union Bond is a comprehensivecredit union bond form covering employee dishonesty, premises andtransit with limits up to $25 million, the company said.

Additional available coverages include plastic card fraudprotection, including coverage for counterfeit cards, with limitsup to $1 million; fraudulent deposit protection, including checkkiting and forgery; insurance against noncompliance with federalconsumer protection legislation; and workplace violence expensecoverage, which reimburses credit unions for expenses resultingfrom incidents of workplace violence, including the expense ofdealing with stalking threats, loss of business income, medicalexpenses, rest and rehabilitation expenses, according to thecompany.

"Over the past decade, credit unions rapidly expanded theirservices in response to demands from their members. The broadeningof financial services makes them very competitive, but it alsowidens their exposure to fraud, cyber crime, employee dishonesty,forgery and other risks?any of which can place a credit union infinancial jeopardy," said Jeff Brown, credit union product managerin Chubb's Department of Financial Institutions.

"Our ability to provide multiple lines of insurance coverageuniquely positions us to provide risk management solutions tocredit unions," he said.

ForeFront Security by Chubb?Credit Union Bond is the latest in aseries of ForeFront products customized to specific financialservices segments. Chubb said its financial institutionunderwriters tailored the bond to specifically address theexposures that threaten credit unions.

Jim Bronner, head of DFI said credit unions will also haveaccess to Chubb's comprehensive suite of products for financialinstitutions, such as its professional liability ForeFrontinsurance policy, which includes employment practices liability,fiduciary liability, directors and officers liability, outsidedirectorship liability, errors and omissions liability, and lendingliability; CyberSecurity by Chubb for Financial Institutions;Customarq, a Chubb property-casualty package policy; as well asother general insurance products such as auto, workers'compensation, and umbrella coverage.