WHITEHOUSE STATION, N.J., Sept. 14, 2022 /PRNewswire/ -- Chubb has launched The ForeFront PortfolioSM, the latest evolution of its suite of management liability offerings, specifically designed to address the needs of private, not-for-profit, and healthcare organizations. Chubb's new product offers organizations the flexibility to decide which management liability coverages best suit their risk management program.
According to Chubb's claims data, costs to defend and settle directors' and officers' claims increased by 90% on a constant dollar-basis over the past decade. Employers also face potential litigation from employee-related claims such as harassment, wrongful termination, discrimination, or retaliation. Additionally, fraud and embezzlement occur even in the best work environments and the associated losses, often committed over a long period of time, can be meaningful.
"Organizations of all sizes are exposed to a more complex and costly legal and regulatory environment than ever before," said Scott Williams, Chief Underwriting Officer, Private/Not-for-Profit, North America Financial Lines, Chubb. "Chubb has been protecting private, not-for-profit, and healthcare organizations for more than two decades. Our new product is developed to specifically address feedback we've received from agents, brokers and policyholders, regarding the growing need for more comprehensive solutions. As a result, our new offerings help fill coverage gaps and provide substantive resources designed to protect organizations from existing and evolving threats."
The ForeFront Portfolio policies include clear coverage terms, relevant risk management solutions, and consistency of coverage to private, not-for-profit, and healthcare policyholders. The suite of products address a range of risks, including:
- Directors & Officers and Entity Liability – coverage to help protect the financial assets of an organization and the personal assets of directors & officers against lawsuits from third parties
- Employment Practices Liability – coverage for employment-related and third-party claims brought by or against past, present, and prospective employees and independent contractors
- Fiduciary Liability – coverage for third-party allegations regarding the mismanagement of an employee benefit plan and/or plan assets
- Crime – coverage for loss of money, securities, and property resulting from threats such as embezzlement, fraudulent electronic funds transfer, forgery, robbery, safe burglary, and credit card forgery
- Kidnap, Ransom & Extortion – coverage to protect an organization against a wide range of expenses associated with incidents of kidnapping and extortion, including the cost of optional crisis management expenses
- Workplace Violence Expense – coverage for expenses arising from post-incident crisis management services, including consulting and mental health specialists
- Employed Lawyers Liability – coverage for in-house attorneys from liability arising out of allegations of malpractice and errors and omissions while acting as corporate counsel
Backed by specialized underwriting, exceptional claims handling, and value-added loss prevention services, The ForeFront Portfolio offers more than just a new insurance option and is a valuable part of an organization's risk management program. To learn more, visit www.chubb.com/us/forefront.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com
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