LONDON, July 4, 2017 /PRNewswire/ -- Chubb today announced the launch of its new MasterPackage solution for technology companies domiciled in the UK and Ireland. This is a comprehensive first and third party policy designed specifically to cater for the unique insurance needs of technology developers, producers and distributors operating in the middle market either domestically or on a multinational basis.
This latest iteration of Chubb's existing technology provision now includes improved cyber cover and services and follows on from a series of enhancements made in 2016.
MasterPackage for technology companies has been developed in response to the exponential growth of the technology industry in recent years. UK digital tech investment reached £6.8billion in 2016, according to the latest Tech Nation 2017 Annual Report*. This figure is 50% higher than any other European country. In addition, the Report said turnover of UK digital tech businesses was estimated to be £170billion in 2015, an increase of £30billion in just five years.
Businesses using Chubb's MasterPackage for technology companies can benefit from working with a single insurer to give them a policy that is easy and straightforward.
MasterPackage for technology companies includes in one policy all of the technology company's property, business interruption, employers' liability, public liability, product liability, professional indemnity and cyber covers. It allows seamless claims handling because all products are purchased from a single carrier. This makes reporting a loss much easier and also means that customers do not have to wait on two (or more) insurers reaching a decision. This product is customer oriented and can be purchased as a complete package providing the covers highlighted below, or can be tailor-made to respond to the insured's specific business and insurance-buying requirements.
The covers available within the MasterPackage for technology companies policy are:
- Professional Indemnity
- Employers' Liability
- Public/products liability
- Environmental liability
- Marine Cargo
- Employee theft
- Business interruption
- Property damage
Karen Strong, Head of Industry Practices UKI, Chubb said:
"Chubb has a long-standing and successful track-record of working with customers within the technology industry and has developed a comprehensive understanding of their needs. As this industry continues to grow and becomes increasingly specialised we want to better enable businesses operating in this sector to withstand some of the many and varied challenges – both tangible and intangible – they may face.
"Chubb's new MasterPackage solution for technology companies has been designed to make life simpler for business in terms of coverage and ease of use. By packaging in this way we are able to offer extensive provision and coverage for our customers.
"MasterPackage for technology companies, combined with the industry expertise of Chubb's technology underwriters, our specialist risk engineering provision (which includes specific Professional Indemnity and Cyber risk engineers) and the flexibility of our policy offering, creates a market-leading solution that meets the needs of this constantly changing and diverse sector."
*Tech Nation 2017 Annual Report http://technation.techcityuk.com/
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com/uk