Chubb Increases Limits on Law Firm Package Policy

The Chubb Group of Insurance Companies has enhanced its Customarq for Law Firms policy to included increased limits and key policy enhancements at no extra cost.

Chubb has increased Customarq’s automatic blanket limit from $300,000 to $500,000 for 12 property coverages. Insureds may also purchase higher limits of $1 million or $2 million, subject to underwriting, and smaller firms can opt for a $250,000 blanket limit.

Other policy features include:

– Lessors of premises and equipment are automatically included as insureds under the general liability contract, which is important for law firms that lease their office space or electronic systems.

– Property coverage that includes impairment of computer services, which addresses emerging first-party exposures presented by the Internet. This insurance protects against the business income loss, extra expense and electronic data recovery costs caused by an illegal or malicious entry into electronic data or systems.

– A flexible business income definition that reflects the way a firm generates revenue, such as billable hours, fees for services or other sources of income.

– A global extension enabling domestic and foreign exposures to be insured under one policy.

In addition to the Customarq policy, Chubb offers a host of other products and services tailored to law firms. Other products include lawyers professional liability, employment practices liability, commercial auto, workers’ compensation, boiler & machinery, accident, umbrella/excess, fiduciary, crime, kidnap, ransom and extortion, management liability and mail insurance.