Chubb Insurance will expand the number of products available under its cyber playbook in February with the introduction of a new endorsement. The carrier will introduce this new endorsement under subsidiary ACE American Insurance Company, slated to go into effect in Oregon and other states on Feb. 1, 2021, pending various state regulatory approvals.
Dubbed Coinsurance – Contingent Business Interruption, this endorsement is intended for use with the carrier’s Cyber, Digitech and Pro ERM product, and will expand the policy to allow for a specified percentage of business interruption coverage to apply to the insured’s coinsurance.
Expect such cyber endorsement tweaks, along with rate changes, to continue heavily throughout 2021 for most carriers. Demand will only increase as the year goes on, and as such, carrier’s will be keen to provide as many options for coverage as reasonable in order to meet the needs of current and potential insureds.
Likewise, cyber exclusions will also grow as carrier’s aim to plug up holes in existing products where cyber exposures may overlap. AmTrust Financial Group subsidiary Security National Insurance Company will introduce a new cyber exclusion in Maine on March 1, 2021, for use with its Directors and Officers liability product. This exclusion will prevent any coverage or payout in regard to losses related to cyber liability claims or events, and will be a mandatory endorsement included on all policies.
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