InsuranceNoodle, a distributor of small business insurance through independent insurance agencies, has been selected by the Chubb Group of Insurance Companies to distribute Innovator from Chubb(sm), an insurance product with coverages developed specifically for emerging information technology companies.
The Innovator product builds on Chubb’s more than 20-year position in providing creative solutions for the information technology industry. Lisa Land, Chubb’s Innovator product manager, stated that the company has applied that expertise to the unique insurance needs of emerging technology firms and created a product that offers errors and omissions and other important insurance coverages often available and affordable only to larger firms. She added that InsuranceNoodle’s national network of independent insurance agencies represents an attractive growth opportunity for Chubb, and InsuranceNoodle’s technology allows Chubb to pre-screen and streamline the policy application process.
InsuranceNoodle works through a large network of producing agencies that utilize an Internet-based application to submit underwriting applications, receive quotes and proposals, and bind policies online.
Don Urbanciz, InsuranceNoodle CEO, said that his company has worked with Chubb to understand Chubb’s underwriting appetite. He added that InsuranceNoodle will promote this product to its network of agencies, which have been asking for coverage for technology companies.
Key features of Innovator from Chubb(sm) include an automatic blanket limit, including specialized property such as computers; loss of income and R&D expenses; and global coverage that expands domestic property and liability insurance worldwide; optional errors and omissions coverage; and Growth Guard, a special optional protection designed to anticipate the typical rapid growth of companies in the information technology industry. The latter option automatically increases property and liability limits up to 100 percent over the course of the policy year. Commercial umbrella, workers compensation and commercial auto insurance are also available. InsuranceNoodle, a Chicago-based insurance e-broker, offers agencies and small business owners comparative quotes and online purchasing of products from leading insurers such as AIG, Chubb, The Hartford, Kemper, The St. Paul, and Zurich.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 5,000 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
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