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Covers losses that typically are not covered by a lawyer's professional liability policy
June 15, 2012
2 Min Read
WARREN, N.J., June 14, 2012 /PRNewswire/ -- The American Bar Endowment, a nonprofit affiliate of the American Bar Association (ABA), has selected the Chubb Group of Insurance Companies as the preferred provider of cyber liability insurance for ABA members.
Chubb's CyberSecurity for Law Firms covers losses that typically are not covered by a lawyers professional liability policy, including cyber breach notification costs. To minimize third-party coverage overlaps, a firm can designate its CyberSecurity or professional liability policy as primary insurance and the other as excess insurance. Law firms that select their CyberSecurity policy as excess coverage may be eligible for a premium discount. The program also provides business interruption insurance for "billable hours lost" by law firms.
"Cyber thieves frequently target law firms because the firms possess a wealth of confidential information on clients. Chubb's CyberSecurity coverage and loss prevention expertise help protect law firms against the serious legal, ethical, reputational and financial consequences associated with the theft or accidental release of such data," said James Rhyner, a vice president of Chubb Specialty Insurance.
"Chubb's law firm expertise enables it to uniquely understand the exposures faced by our members," said N. Lee Cooper, president of the American Bar Endowment (ABE) and former ABA president. "We are pleased to continue building upon our relationship with this highly regarded insurer."
Chubb provides professional liability, property and other insurance coverages and loss prevention services to many of the largest law firms worldwide through independent agents and brokers. Chubb also is the ABE's exclusive provider of ABA Employers Edge(SM), employment practice liability insurance designed for law firms, and kidnap and ransom insurance.
With more than 300,000 members, the American Bar Association is the largest voluntary professional membership organization in the world. As the national voice of the legal profession, the ABA works to improve the administration of justice, promotes programs that assist lawyers and judges in their work, accredits law schools, provides continuing legal education, and works to build public understanding around the world of the importance of the rule of law. Established by the ABA in 1942 for the advancement of jurisprudence and the promotion of justice and uniformity of judicial decision throughout the United States, the not-for-profit American Bar Endowment provides unique opportunities for ABA members to obtain quality, affordable insurance while giving back by helping to fund legal public service and educational activities.
The member insurers of the Chubb Group of Insurance Companies form a multibillion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia. For more information, visit www.chubb.com.
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