WARREN, N.J. - The Chubb Group of Insurance Companies has started an insurance policy to protect financial institutions from exposure to e-commerce liabilities such as trademark infringement, defamation, and security breaches.
The product, CyberSecurity by Chubb Liability Insurance for Financial Institutions, is designed to help protect banks, insurance companies, investment firms, credit unions, and other financial businesses against personal injury and advertising injury claims resulting from Internet activities, filling gaps in general liability products, the company said on Feb. 3. The policy also offers coverage when a system security failure damages a third party.
"More and more, financial institutions are using technology to drive products," said Tracey Vispoli of Chubb. "A key component of the technology that financial institutions are using is the development of Web sites. These Web sites present liabilities that do not exist in a physical environment."
