Chubb subsidiary ACE American Insurance Company will introduce a new endorsement, along with a revised endorsement, to its Chubb Professional Enterprise Risk Management Policy on approval from state regulators in North Carolina. Both endorsements will be optional.
The new endorsement will be dubbed the Maximum Policy Limits of Insurance (Item 3) Amended – Cyber Insuring Agreement. This endorsement insureds to have a combined aggregate limit applicable to specified insuring agreements under the policy, at a value that is less than the agreement limit applicable to the insuring agreement. This expands the limit options available to insureds under the program’s cyber coverage.
The carrier will revise its Services on Behalf of Affiliated Real Estate Investment Funds Endorsement. This endorsement is intended for use by property managers that own or are affiliated with real estate investment trusts. The changes are primarily clerical and updating in nature, with no changes to the terms of the endorsement or its coverage.
This follows previous expansions to the carrier’s cyber playbook, with ACE American introduce a new Coinsurance endorsement in Oregon to its Pro ERM product at the start of February, also intended for use with the carrier’s Cyber Digitech program.
Expect other carriers to continue introducing cyber exclusions. COUNTRY Mutual Insurance Company will introduce a new cyber exclusion to its WORLDS Apart/CAPsure Program for use with business owners. This exclusion has a targeted effective date of Oct. 1 for new and renewal business. This endorsement prevents any liability coverage related to cyber incidents, losses or claims.
