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Chubb markets new D&O coverage. (Marketplace: Property/Casualty).

A new package of insurance coverages from the Chubb Group of Insurance Cos. offers a single approach to help safeguard corporate directors and senior managers from a variety of exposures. Executive Protection Portfolio, a package of six comprehensive insurance coverages, is designed for publicly owned companies concerned about gaps in their executive liability insurance.

The six coverage sections include:

* Directors and Officers Liability: Recent corporate governance scandals and heightened public scrutiny of management have increased a public company's need for D&O insurance.

* Employment Practices Liability: The U.S. Equal Employment Opportunity Commission in 2001 handled more than 80,000 claims involving some of the largest settlements ever. Policyholders have access to Chubb's loss prevention program, which includes access to outside employment consulting services, model employment policies and other services.

* Fiduciary Liability: Anyone who manages investment decisions associated with corporate benefit plans can be sued for mismanagement of the plans.

* Outside Directorship Liability: Virtually all corporations face this exposure when their employees serve on the boards of outside organizations.

* Crime: Employee fraud, embezzlement and other workplace crimes cost U.S. businesses an estimated $4,500 per employee annually, according to the Association of Certified Fraud Examiners.

* Kidnap/Ransom and Extortion: Companies with employees traveling internationally face an ever-increasing risk of kidnapping. Executive Protection Portfolio's kidnap/ransom and extortion insurance reimburses for certain ransom and extortion payments and a wide army of related expenses, and it makes available the services of Ackerman Group, a hostage negotiation and international security firm.
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Title Annotation:Chubb Group of Insurance Cos.
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 1, 2003
Words:249
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