Business News: QBE, Chubb, Verisk Analytics

February 17, 2017
QBE Inland Marine Launches New Liability Insurance for Motor Carriers in the Logistics and Transportation Industry

Australia-based QBE North America, an operating division of global insurer QBE Insurance Group Limited, announced the launch of The Solution for Motor Truck Cargo – a comprehensive policy offering unique coverages for motor carriers. This new coverage combines both Motor Truck Cargo and Logistics Liability insurance in one policy.

The Solution protects shippers from financial losses occurring on the road, which may be due to damaged equipment, contamination, stolen goods, and related exposures, subject to the terms, conditions and exclusion of the policy. Unlike other Motor Truck Cargo policies, this policy provides embedded coverage for Mobile Equipment, Refrigeration Breakdown, Trailer Interchange, Contract Penalties, Deceptive Practices, and Contingent Coverage. There are additional optional policy enhancements – such as the ability to add another insured entity, Scheduled Shipper Coverage, and Specific Conditions.

Apart from the risks covered by The Solution, our in-house, dedicated specialty claims adjusters offer product expertise, industry specialization and a commitment to superior customer service both pre and post-loss.

Chubb Expands $100M Global Cyber Facility with Multiline Peril Endorsements

Risk managers and chief information security officers are expected to have a complete understanding of their organization’s total cyber risk — a difficult task compounded by the need to coordinate potential gaps in an insurance portfolio placed with multiple brokers and carriers. This is made even more challenging by the constant evolution of technology, which opens the door to increased cyber-related exposures, ranging from property damage to business interruption to bodily injury. Chubb’s new suite of multiline cyber peril endorsements for the Global Cyber Facility helps risk managers address exposure gaps in their insurance portfolio and enables them to confidently respond to the concerns of their C-Suite and Board.

First introduced in 2015, Chubb’s Global Cyber Facility is an enterprise-wide solution that helps companies assess their cyber and data privacy risk, incorporates loss control services to mitigate losses, provides access to post breach services, and offers up to $100 million in capacity — all in a single policy.

Chubb’s suite of endorsements for the Global Cyber Facility:

  • Enables policyholders to customize their existing insurance portfolio to close gaps related to their cyber exposures.
  • Casualty Endorsement provides Difference in Conditions (DIC) insurance to the scheduled casualty lead umbrella for cyber events, including provisional protection in the event of coverage disputes.
  • Property Endorsement provides both DIC and Difference in Limits (DIL) insurance to the scheduled property policy for loss or damage related to cyber-triggered events.
  • Includes experienced claims management by Chubb’s expert claims staff, with the ability to access Chubb’s Cyber Incident Response Team if preferred.
  • Offers risk managers a single point of contact — and the expertise of Chubb’s multiline underwriters and claim staff — to help manage cyber-related exposures across multiple lines of insurance.

Product highlights are summaries only; see the actual policy for terms and conditions. Product offerings may vary by location.

Verisk Analytics Acquires Healix Risk Rating

Verisk Analytics, Inc., a data analytics provider, announced the acquisition of Healix Risk Rating, a provider in automated medical risk assessment for the travel insurance industry. Healix Risk Rating, a subsidiary of Healix International Holdings Limited based in Surrey, United Kingdom, will become part of ISO, a Verisk Analytics business.

The acquisition will further expand Verisk’s risk assessment offerings for the global insurance industry, providing solutions that are embedded with customer workflows and can help underwrite medical coverage for travelers with greater speed, accuracy, and efficiency.

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