PRODUCT: Masterpiece® Cyber Protection
COMPANY: Chubb
BEST RATING: A++ (Superior)
AVAILABILITY: Coverage is available for Chubb-appointed brokers.
FOCUS: Even simple activities—clicking on the wrong email or downloading a new app—can put personal data into the wrong hands.
Today’s consumers lead complex, busy lives, often bringing their work life home and their home life to work—which increases their chance of falling victim to cybercrimes.
“Personal cyber protection is no longer a ‘nice to have,’ but a ‘must have,’” says Annmarie Camp, executive vice president, Chubb Personal Risk Services.
To help keep clients safe in today’s digital world, Chubb recently launched Masterpiece® Cyber Protection.
“Discussing cyber risk with clients is a way for agents and brokers to act as advisers, adding value to the broker/client relationship,” Camp says. “It’s an additional way to provide insight and guidance on all risks facing clients. After all, it’s really about protecting all of a client’s assets—the online you.”
Drawing upon Chubb’s commercial experience as one of the largest cyber insurers in the world, Masterpiece® Cyber Protection offers individuals and families in North America enhanced protections for cyberattacks that lead to extortion and ransomware, financial loss, cyber disruption and breach of privacy.
Chubb is the first to introduce coverage for cyber disruption to the personal lines marketplace, which offers protection if a cyberattack makes a house uninhabitable—for example, by taking over smart devices—or interrupts a small business in the home.
“Successful individuals and families are looking for this type of guidance,” Camp says. “Agents and brokers can explain the need for this important coverage.”
COVERAGE DETAILS: Coverage includes:
- Protection against threats to release personal information, holding files for ransom and destruction of personal networks.
- Protection against loss of account funds from a cyberattack and related expenses.
- Assistance dealing with online harassment from cyberbullying.
- Support dealing with cyberattacks that prohibit the insured from accessing their home, or attacks interrupting a small business they operate from home.
- Aid in dealing with theft, loss or unauthorized access to personal data from a cyberattack.
- Assistance in resolving identity theft.
Clients also receive discounted or complimentary access to third-party resources, with tools ranging from how to secure network and mobile devices to how to spot signs of online manipulation. Partnerships include:
- Norton by Symantec: This partnership helps protect clients’ personal information on connected devices with a secure, high-
performance Wi-Fi router available at a discount exclusively to Chubb clients.
- The Ackerman Group LLC: This partnership with a premier consulting, investigative and crisis management firm gives Chubb clients access to a cybersecurity review by phone at no additional fee to address their cybersecurity concerns, as well as innovative measures to keep their online networks safe.
- CyberScout: This partnership helps clients resolve identity theft issues at no additional charge.
MININUM PREMIUM: $100 per year. Coverage limits are available up to $250,000 in most cases.
TARGET: This product is designed for all Chubb clients insured with Masterpiece® homeowners, condo, co-op or renters coverage.
COVERAGE TERRITORY: AZ, CO, DC, HI, KS, MI, LA, MD, NH, NJ, OH, OR, OK, PA, RI, SC, TN & VA. It will be rolled out to additional states and in Canada throughout 2018 and into 2019 for most North American Masterpiece® clients.
CONTACT: Annmarie Camp, executive vice president, sales & distribution, Chubb Personal Risk Services.
Katie Butler is IA editor in chief.
