Chubb Offers Insurance Against Privacy Violations

PRESS RELEASE

WARREN, N.J., Sept. 16 /PRNewswire/ -- The increasing scope and pervasive use of information and network technology in all aspects of today's business processes are exposing technology providers to an array of lawsuits from their customers and others alleging that their products or services caused privacy violations, intellectual property infringements or other financial injuries. To help protect information and network technology companies from these evolving risks, the Chubb Group of Insurance Companies has created Integrity+, a solution that blends errors and omissions insurance (E&O) with protection for emerging technology-related injuries and privacy remediation expenses.

"Technology companies are offering a wider array of products and services that may create new exposures. For instance, an employee at a software developer may infringe another company's copyright-protected source code, or a flaw in electronic medical record software might enable a hacker to compromise a hospital patient's privacy. A traditional errors and omissions insurance policy may not offer the breadth of insurance needed to help protect a technology firm from such evolving risks," said Veronica Somarriba, vice president, Chubb & Son, and worldwide manager for Chubb's technology segment. "Integrity+ is an enterprise-wide, integrated solution that retains the key features of our existing E&O policy, augmented by enhanced essential insurance protection such as media liability and intellectual property infringement liability and reimbursement of privacy remediation expenses."

Integrity+ includes the following state-of-the-art insurance features:

-- Product or Service Financial Injury (Errors & Omissions) - Liability insurance protection against claims or suits for financial injuries suffered by another person or an organization caused by defects or deficiencies in the insured's products or services. -- Technology-Related Injury - Liability insurance protection against claims or suits against the insured for financial injuries suffered by competitors or customers relating to the insured's business or products/services, including infringement of intellectual property (including computer source and object code); violation of a person's right of privacy or publicity; false arrest, false detention or malicious prosecution; and libel, slander and product disparagement. Integrity+ does not contain Internet or media-type business exclusions. -- Privacy Remediation Expense - Reimbursement of expenses incurred to comply with state, federal and foreign laws that require customer notification of a privacy data breach.

Customers can purchase any combination of these features with options for deductibles and limits. Integrity+ is available worldwide as a claims-made or claims-made and reported policy.

"Technology will continue to play a critical role in addressing energy efficiency, medical delivery and treatment, and myriad other processes in the manufacturing and service sectors," said Somarriba. "Broad definitions, cutting-edge insuring clauses and a choice in the level of protection make Integrity+ a smart choice for technology companies, both large and Integrity+ small, that want to manage today's and tomorrow's exposures to risk."

The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.