Chubb releases new suite of liability coverages for family offices in Canada

Chubb announced on Tuesday that it has released a new suite of insurance coverages to help family offices face liability exposures.

“Family Office Amplifier is a flexible package of coverages that includes specialized terms and conditions that reflect today’s evolving financial and regulatory environment,” Chubb said in a press release.

Chubb noted that family office directors, officers and executives face complex liability exposures. “They are charged with adhering to a high level of fiduciary care in managing their high-net-worth clients’ wealth and assets,” said Cameron Rose, senior vice president of financial lines for Chubb in Canada. “Failure to adhere to these fiduciary duties can result in costly litigation. Family Office Amplifier recognizes the unique needs of family offices and offers liability protection in a customizable insurance package to help protect the firm from these liabilities.”

The coverage addresses a wide spectrum of family office risks, including professional liability, trustee liability and employment practices liability. In addition, to reflect today’s evolving family office risks, the product includes the following broad terms and conditions:

• The definition of organization includes any trust, in addition to family office; subsidiary of the family office; private funds, including management entities such as general partners, managing members and advisors; and investment holding companies of any trust or private fund;
• If the policy is renewed, claims can be reported up to 180 days after the policy has expired; and
• After a claim has been submitted and all requested information has been received, Chubb will advance defence costs to the insured within 90 days.

Product offerings may vary by location.

“Family Office Amplifier is a testament to Chubb’s broad and complementary capabilities that span its commercial and personal lines products and services,” said Paul Johnstone, senior vice president of personal risk services for Chubb in Canada. “We are excited about what this new suite of coverages offers our high-net-worth clients utilizing family offices.”

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.