The new product offers a wide range of management liability coverages to serve private, not-for-profit and healthcare organisations.
It offers organisations the flexibility to decide a suitable coverage for their risk management programme.
The ForeFront Portfolio, equipped with specialised underwriting, claims handling and loss prevention services, specifies clear coverage terms and risk management solutions.
The products’ key offerings include coverage to protect assets of an organisation, directors and officers against lawsuits from third parties and coverage for third party allegations associated with mismanagement of an employee benefit plan.
Coverage for post-incident crisis expenses, loss of money, securities and property are also part of the new proposition.
Chubb Private/Not-for-Profit, North America Financial Lines chief underwriting officer Scott Williams said: “Organisations of all sizes are exposed to a more complex and costly legal and regulatory environment than ever before.
“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 organisations from existing and evolving threats.”
Costs to resolve directors’ and officers’ claims jumped by 90% on a constant dollar-basis over the last decade, as per Chubb’s claims data. In April this year, Chubb Workplace Benefits, a Chubb business, rolled out a new hospital indemnity offering called Hospital Cash, providing more than 40 optional benefits.