CHUBB PRO COMPETITOR WORDING SELL SHEETS
VERO
· Does your policy cover Privacy Remediation Expenses?
Your Insured may store significant amounts of clients’ personal information or data on their systems. This system may suffer a cyber attack or be hacked into and the personal information stolen leading to costs applicable by law surrounding media (advising the public what is being done about the issue), communications (informing each individual that their personal information may have been compromised and public relations services.
· Does your policy have full Consultants Cover included as automatic?
Many firms access consultants for services where they feel more specialist advice may be appropriate. Not all consultants will earn the majority of their fees from one firm as they may not wish to place all their eggs in one basket and may have three, four or more firms they provide consultancy services to. Chubb have no restrictions in extending cover for such consultants other than ensuring the consultant operates under a written contract with the Insured and is guided in the performance of professional services.
· Does your policy cover Punitive and Exemplary Damages?
Numerous court cases result in not only the payment of general damages as per the claim but also the award of punitive or exemplary damages against firms for unethical or questionable conduct in relation to their business dealings. Fines of up to $1m are not uncommon.
· Does your policy provide automatic cover for business Acquisitions?
Most acquisitions are small in nature and Chubb recognise that subject to the acquisition being of the same business activities and therefore covered under the definition of professional services, it makes sense to provide an automatic acquisition threshold whereby cover will apply so long as the acquisition does not increase the total assets of the new combined entity by more than 25%. This takes the onus from the Insured of having to provide chapter and verse detail on small acquisitions.
· Does your policy provide full cover for Joint Ventures?
Chubb provide cover of all Insured Joint Ventures via the definitions of Insured Organisation and Subsidiary subject to:
1. Insured controlling the organisations board.
2. Insured being in a position to cast more than 50% of the maximum votes cast at a general meeting.
3. Insured holding more than 50% of the issued share capital.
4. Insured exercises effective management and control over the Joint Venture.
Chubb provides 100% cover for the Joint Venture in this scenario and NOT just cover for the Insureds % liability to that Joint Venture.
· Does your policy provide 100% allocation of defence costs – regardless of whether 100% of the claim is covered?
If your Insured suffers a claim where they incur loss that is both covered and not covered by the policy, Chubb will still pay 100% of reasonable and necessary defence costs, legal representation expenses and public relations expenses associated with such loss.
· Does your policy provide Worldwide Cover?
Clients now have more of a global footprint than ever before and Chubb’s Miscellaneous PI policy extends to provide coverage for work carried out anywhere in the world. So no matter where your client carries out their operations, cover will apply.
· Does your policy provide cover for Contractual Liability?
Many contractual liability claims are based on an allegation of a breach of professional services. The Chubb Miscellaneous PI policy responds to such claims whereby the allegation of a contractual liability breach is in relation to the professional services carried out under the contract and such liability would have attached in the absence of any contract.
· Does your policy provide Formal Investigations cover?
From time to time a client may be the subject of a formal or regulatory inquiry by a governmental, regulatory, professional or statutory body relating to investigations into the performance of their professional services (e.g. ASIC). Chubb will provide coverage for the associated legal representation costs associated with such investigations to the full policy limit.
DUAL
· Does your policy cover Privacy Remediation Expenses?
Your Insured may store significant amounts of clients’ personal information or data on their systems. This system may suffer a cyber attack or be hacked into and the personal information stolen leading to costs applicable by law surrounding media (advising the public what is being done about the issue), communications (informing each individual that their personal information may have been compromised and public relations services.
· Does your policy cover Punitive and Exemplary Damages?
Numerous court cases result in not only the payment of general damages as per the claim but also the award of punitive or exemplary damages against firms for unethical or questionable conduct in relation to their business dealings. Fines of up to $1m are not uncommon.
· Does your policy provide full cover for Joint Ventures?
Chubb provide cover of all Insured Joint Ventures via the definitions of Insured Organisation and Subsidiary subject to:
1. Insured controlling the organisations board.
2. Insured being in a position to cast more than 50% of the maximum votes cast at a general meeting.
3. Insured holding more than 50% of the issued share capital.
4. Insured exercises effective management and control over the Joint Venture.
Chubb provides 100% cover for the Joint Venture in this scenario and NOT just cover for the Insureds % liability to that Joint Venture.
· Does your policy provide 100% allocation of defence costs – regardless of whether 100% of the claim is covered?
If your Insured suffers a claim where they incur loss that is both covered and not covered by the policy, Chubb will still pay 100% of reasonable and necessary defence costs, legal representation expenses and public relations expenses associated with such loss.
· Is your policy a Claims Made trigger?
Most Insureds are prudent and seek to notify anything that they feel may give rise to a potential claim under their PI policy. From time to time such notifications will be overly cautious and not accepted as notifications under the policy terms and conditions. The Chubb Miscellaneous PI policy does not exclude such claims that were notified but NOT accepted under a previous PI insurance policy.
· Does your policy provide cover for Contractual Liability?
Many contractual liability claims are based on an allegation of a breach of professional services. The Chubb Miscellaneous PI policy responds to such claims whereby the allegation of a contractual liability breach is in relation to the professional services carried out under the contract and such liability would have attached in the absence of any contract.
· Does your policy provide Worldwide cover?
Clients now have more of a global footprint than ever before and Chubb’s Miscellaneous PI policy extends to provide coverage for work carried out anywhere in the world. So no matter where your client carries out their operations, cover will apply.
· Does your policy provide full limit Formal Investigations cover?
From time to time a client may be the subject of a formal or regulatory inquiry by a governmental, regulatory, professional or statutory body relating to investigations into the performance of their professional services (e.g. ASIC). Chubb will provide coverage for the associated legal representation costs associated with such investigations to the full policy limit.
QBE
· Does your policy cover Privacy Remediation Expenses?
Your Insured may store significant amounts of clients’ personal information or data on their systems. This system may suffer a cyber attack or be hacked into and the personal information stolen leading to costs applicable by law surrounding media (advising the public what is being done about the issue), communications (informing each individual that their personal information may have been compromised and public relations services.
· Does your policy provide full limit Formal Investigations cover?
From time to time a client may be the subject of a formal or regulatory inquiry by a governmental, regulatory, professional or statutory body relating to investigations into the performance of their professional services (e.g. ASIC ). Chubb will provide coverage for the associated legal representation costs associated with such investigations to the full policy limit.
· Is your policy a Claims Made trigger?
Most Insureds are prudent and seek to notify anything that they feel may give rise to a potential claim under their PI policy. From time to time such notifications will be overly cautious and not accepted as notifications under the policy terms and conditions. The Chubb Miscellaneous PI policy does not exclude such claims that were notified but NOT accepted under a previous PI insurance policy.
· Does your policy provide full cover for Joint Ventures?
Chubb provide cover of all Insured Joint Ventures via the definitions of Insured Organisation and Subsidiary subject to:
1. Insured controlling the organisations board.
2. Insured being in a position to cast more than 50% of the maximum votes cast at a general meeting.
3. Insured holding more than 50% of the issued share capital.
4. Insured exercises effective management and control over the Joint Venture.
Chubb provides 100% cover for the Joint Venture in this scenario and NOT just cover for the Insureds % liability to that Joint Venture.
· . Does your policy have full Consultants Cover included as automatic?
Many firms access consultants for services where they feel more specialist advice may be appropriate. Not all consultants will earn the majority of their fees from one firm as they may not wish to place all their eggs in one basket and may have three, four or more firms they provide consultancy services to. Chubb have no restrictions in extending cover for such consultants other than ensuring the consultant operates under a written contract with the Insured and is guided in the performance of professional services.
· Does your policy provide Worldwide cover?
Clients now have more of a global footprint than ever before and Chubb’s Miscellaneous PI policy extends to provide coverage for work carried out anywhere in the world. So no matter where your client carries out their operations, cover will apply.
· Does your policy provide automatic cover for business Acquisitions?
Most acquisitions are small in nature and Chubb recognise that subject to the acquisition being of the same business activities and therefore covered under the definition of professional services, it makes sense to provide an automatic acquisition threshold whereby cover will apply so long as the acquisition does not increase the total assets of the new combined entity by more than 25%. This takes the onus from the Insured of having to provide chapter and verse detail on small acquisitions.
· Does your policy provide world wide cover for Loss of Documents to the full policy limit with nil deductible?
Storing and recording documentation is a vital part of any Insureds PI business and Insureds are often legally liable for client documents that have been entrusted to them. Occasionally such documents may be lost or damaged and replacement costs can be Insured by the Chubb policy to the full policy limit.
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· Does your policy provide cover for Contractual Liability?
Many contractual liability claims are based on an allegation of a breach of professional services. The Chubb Miscellaneous PI policy responds to such claims whereby the allegation of a contractual liability breach is in relation to the professional services carried out under the contract and such liability would have attached in the absence of any contract.
· Does your policy provide 100% allocation of defence costs – regardless of whether 100% of the claim is covered?
If your Insured suffers a claim where they incur loss that is both covered and not covered by the policy, Chubb will still pay 100% of reasonable and necessary defence costs, legal representation expenses and public relations expenses associated with such loss.
ALLIANZ
· Is your policy a Claims Made trigger?
Most Insureds are prudent and seek to notify anything that they feel may give rise to a potential claim under their PI policy. From time to time such notifications will be overly cautious and not accepted as notifications under the policy terms and conditions. The Chubb Miscellaneous PI policy does not exclude such claims that were notified but NOT accepted under a previous PI insurance policy.
· Does your policy provide automatic cover for business Acquisitions?
Most acquisitions are small in nature and Chubb recognise that subject to the acquisition being of the same business activities and therefore covered under the definition of professional services, it makes sense to provide an automatic acquisition threshold whereby cover will apply so long as the acquisition does not increase the total assets of the new combined entity by more than 25%. This takes the onus from the Insured of having to provide chapter and verse detail on small acquisitions.
· Does your policy provide Pollution coverage?
If you provide design services as part of your day to day business activities, you may have an exposure to pollution and pollutant depending on where your services are carried out. If a design error for which you are responsible leads to a sudden and accidental release of pollutants, Chubb’s policy will respond to such claims.
· Does your policy cover Punitive and Exemplary Damages?
Numerous court cases result in not only the payment of general damages as per the claim but also the award of punitive or exemplary damages against firms for unethical or questionable conduct in relation to their business dealings. Fines of up to $1m are not uncommon.
· Does your policy provide cover for Contractual Liability?
Many contractual liability claims are based on an allegation of a breach of professional services. The Chubb Miscellaneous PI policy responds to such claims whereby the allegation of a contractual liability breach is in relation to the professional services carried out under the contract and such liability would have attached in the absence of any contract.
· Does your policy provide Worldwide cover?
Clients now have more of a global footprint than ever before and Chubb’s Miscellaneous PI policy extends to provide coverage for work carried out anywhere in the world. So no matter where your client carries out their operations, cover will apply.