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Winning With Chubb Writing Technology Business in a Challenging Marketplace

Winning With Chubb Writing Technology Business in a Challenging Marketplace. April 24, 2012. Agenda. Chubb’s Position in the Sale Chubb in the Technology Sector Review of Technology Appetite Technology Products: Masterkey & INTegrity+ 2.0 Masterkey Highlights INTegrity+ 2.0 Highlights

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Winning With Chubb Writing Technology Business in a Challenging Marketplace

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  1. Winning With ChubbWriting Technology Business in a Challenging Marketplace April 24, 2012

  2. Agenda • Chubb’s Position in the Sale • Chubb in the Technology Sector • Review of Technology Appetite • Technology Products: Masterkey & INTegrity+ 2.0 • Masterkey Highlights • INTegrity+ 2.0 Highlights • Technology Successes • Technology Submission Requirements • Emerging Sectors • Questions & Answers Winning With Chubb

  3. Chubb’s Position in the Sale • We aim to make your job easier • Tailored insurance solutions • Add value on a global scale • Provide coverage that is unique in scope • Stable and long term commitments Winning With Chubb

  4. Chubb’s Position in the Sale • Independent Brokers Gone Global • Outsourcing and global supply chains a reality • Suite of products that provide real global coverage • TRUE World Wide Suits • World Wide Contingent Business Income • Foreign Voluntary Workers Compensation • International Automobile • Foreign Admitted Placements Winning With Chubb

  5. Chubb’s Position in the Sale • Independent Brokers Gone Global • Brokers may not have internal resources • Understanding Foreign requirements • Finding a Foreign broker • Issuing a Foreign policy Winning With Chubb

  6. Chubb in the Technology Sector Did you know? • Chubb has been writing technology accounts since the 1970s • Chubb has specialized underwriters, loss control and claims personnel who are experienced in dealing with the exposures unique to technology clients • Chubb insures many of the top technology companies in Canada • Chubb's Information and Network Technology department has local presence in offices across the globe Winning With Chubb

  7. Technology Risk Appetite • Technology segments that we target: • Software development • Hardware manufacturing and assemblers • Data processing • Peripheral manufacturing • Security hardware/software • Call Centers • ISP’s (Internet Service Providers) • Value-Added Resellers • Video/Teleconference Companies Winning With Chubb

  8. Technology Risk Appetite • Industries that we do not target: • E&O for e-commerce and web development • Enterprise resource planning E&O • Customer relationship management E&O • Supply chain management E&O • E&O for IT Consultants • Infrastructure construction projects • Risks with high concentration of CAT exposure Winning With Chubb

  9. Target Technology Risk Profile • Revenue >$5M • Meets minimum premium requirements: • $15,000 for Package + $10,000 Blended E&O Liability • US or International Exposure • Good Quality Control procedures • Strong Financials • Good Contractual Controls: • Non-Acceptance of Consequential Damages • Limitation of Liability • Disclaimer of Warranties • Hold Harmless in Insured’s Favour • Positive loss history Winning With Chubb

  10. Technology Products • Masterkey • Package policy which includes: Property, CGL • INTegrity+ Blended E&O Liability • Impairment of Computer Services (ICS) • Available with purchase of Masterkey Package policy • Boiler & Machinery Breakdown • Umbrella • International • International Admitted Placements • Foreign Voluntary Worker’s Compensation • International Auto Liability • True Worldwide Suits Winning With Chubb

  11. Masterkey Highlights • Automatic $500,000 Blanket limit for each location which includes: EDP, R&D Property • $25,000 limit for R&D Property AOL • Can buy coverage for EDP Property, or separately for each of EDP Equipment, Electronic Data, Mobile Communication Property and Communication Property • ICS (Impairment of Computer Services) Limit • $100,000 for Inside Attack • $10,000 per occurrence for Outside Attack up to aggregate limit of $50,000 Winning With Chubb

  12. Privacy Remediation Expenses IP / Injunctive relief INTegrity+ 2.0 Highlights . Product defects Breach of Contract Failure to perform services Fines and Penalties Disclosure, Publication or Use PII/BCI Media / Libel / Slander Winning With Chubb

  13. INTegrity+ 2.0 Highlights Three Components of INTegrity+ Blended E&O Liability: • Product Or Service Financial Injury • “Traditional” E&O liability insurance for product or service defects or performance failures in providing technology, data security and other services. • True Claims Made trigger – Claims Made & Reported Available • Value, Standard and Premier platform options • Technology Related Injury (TRI) • Liability insurance protection for specific types of intellectual property infringements (including computer code) privacy violations, libel, slander and other so-called “personal injury” offences in any medium. • Can purchase IP/Media and/or Privacy portion of TRI. • Privacy Remediation Expenses (PRE) • First party insurance to reimburse you for expenses you incur to comply with privacy data security breach notification laws after a breach. • Automatic limit of $100,000 with $10,000 Deductible – can purchase up to $1M subject to additional information/premium. Winning With Chubb

  14. INTegrity+ 2.0 Highlights Winning With Chubb

  15. Recent Technology Successes Winning With Chubb

  16. Recent Technology Successes Winning With Chubb

  17. Technology Submission Requirements • INTegrity+ Blended E&O Application • TRI (Technology-Related Injury) Application is required if insured wants IP/Media coverage • Completed application required in order to quote • Standard Contract • We will typically require a copy of the insured’s Standard Contract with their clients Winning With Chubb

  18. Getting an Underwriter’s Attention • The best Technology submissions also include: • Strong description of operations • Locations, COPE, customers, suppliers • Revenue broken down by product category/geography • Quality control overview • Recent Financials • Complete loss history • Incident status – Open/Closed • Strong description of what happened • Largest Contract and/or any contracts that deviate from the Standard Contract Winning With Chubb

  19. Chubb’s Emerging Technology Facility • A competitively priced, property, GL, and E&O coverage for technology clients with less than $5MM in revenue • 82% of Canada’s “Information and Communication Technology” (ICT) sector consists of companies with less than 10 employees • 25,800 companies had less than 10 employees Winning With Chubb

  20. Chubb’s Emerging Technology Facility • E&O limits up to $5MM • Minimum premium of $5,000 for E&O, GL, and Property • An example of a minimum premium account would be a "low hazard" risk that wishes to purchase $1MM E&O limit, $1MM GL limit, and has a property TIV of around $1MM • CanEmergingTech@chubb.com Winning With Chubb

  21. Clean Tech Winning With Chubb

  22. Clean Tech Winning With Chubb

  23. Winning With ChubbWriting Technology Business in a Challenging Marketplace April 24, 2012

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