Chubb has launched a cyber protection insurance policy as a supplement to its “Masterpiece” homeowners insurance policy for individuals and families in North America.
In a statement, Chubb said that the cyber supplement offered enhanced protections for cyberattacks that lead to extortion and ransomware, financial loss, cyberbullying, cyber disruption, and breach of privacy. Additionally, Chubb said, insureds could benefit from discounted access to third-party resources, with tools ranging from how to secure network and mobile devices to how to spot signs of online manipulation. Taken together, according to Chubb, its policy was designed to “help clients proactively protect themselves from cyber risks and minimize their loss if the unexpected happens.”
“While technology has enhanced our lives in countless ways, it also allows us to bring our work life home and our home life to work, thereby increasing our chances of falling victim to cyber crimes, which continue to occur at an alarming rate,” said Michael Tanenbaum, executive vice president of Chubb's North America cyber practice. “Simply clicking on the wrong email or downloading a new app could put your personal data in the wrong hands. Personal cyber protection is no longer a 'nice to have,' but rather a 'must have.' Our new policy is designed with this need in mind and will provide clients with peace of mind knowing they are protected against cyber threats.”
Chubb said that the benefits of its cyber protection policy included:
- Protection against threats to release personal information, holding files for ransom, and destruction of personal network;
- Protection provided against loss of account funds from a cyber attack and related expenses;
- Assistance dealing with online harassment from cyberbullying;
- Support dealing with cyberattacks that prohibit the insured from accessing the insured's home, or attacks interrupting a small business the insured operates from home;
- Aid in dealing with theft, loss, or unauthorized access to personal data from a cyber attack; and
- Assistance in resolving identity theft.
The cyber policy is available to clients with a Masterpiece homeowners' policy in Arizona, Colorado, Hawaii, Kansas, Michigan, Louisiana, Maryland, New Hampshire, New Jersey, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia, and Washington, D.C. It will be rolled out to additional states and in Canada throughout 2018 and into 2019 for all North American Masterpiece clients, according to Chubb.
Learn more: chubb.com.