The Chubb Advantage® Miscellaneous Professional Liability policy is designed to provide complete coverage for a wide variety of professional service industries.
Coverage Highlights
Benefits
Automatic 60 day extended reporting provision
Optional extended reporting provision available for up to three years
Optional coverage available for:
- Privacy liability arising out of lost computer equipment, network security breaches, and identity theft
- Employed lawyers/in-house council
Coverage
Vast definition of Wrongful Act, with the ability to manuscript the definition of Professional Services
Vast definition of Damages, including:
- Prejudgment and post-judgment interest on that part of any judgment paid
- Punitive and exemplary damages and the multiplied portion of any multiple damage award, where allowed
Vast definition of Insured, including:
- The entity and its subsidiaries
- Any past or present principal, partner, officer, director, trustee, employee, or general or managing partner or principal (if the entity is a partnership)
- Independent contractors who are natural persons when performing professional services on behalf of the entity and its subsidiaries
$5,000 sublimit for reimbursing Insured for attendance at hearings, depositions, etc. ($250 per day maximum)
Duty to defend covered claims, not just "suits"
Limits
- Maximum capacity is $20 million
Target Clients
Most professional service providers offering services to a third party; targeted classes include:
- Consultants
- Staffing/Employment
- Trustees
- Business Process Outsourcing
- Billing Services
- Travel Services
- Advertising/Marketing/Public Relations
- Property Managers
- Real Estate Adjusters/Representatives
Restricted Classes
- Actuaries
- Accountants
- Business Representatives
- Collection Adjusters/Credit Bureaus
- Certain Financial Risks (Banks, Lending Exposures, Investment Management, Insurance Company Operations)
- Freight Forwarders