New Modular Insurance Policy Addresses Exposures of Not-For-Profit Educational Institutions
Crime, Employment Practices Liability and Other Losses Put School Budgets Under Increased Pressure
WARREN, NJ, May 17, 2007 - The Chubb Group of Insurance Companies has developed a modular insurance policy to help protect not-for-profit educational
institutions and their directors and officers from the potentially serious financial consequences of litigation and other
losses. Forefront PortfolioSM for Not-For-Profit Educational Institutions offers a choice of up to five coverage sections: directors and officers and entity
liability, including educator's errors and omissions liability; employment practices liability; fiduciary liability; crime;
and kidnap/ransom and extortion insurance.
"Student loan scandals, campus crime and allegations of sexual harassment, misappropriated endowment funds and discriminatory
admissions policies have thrust educational institutions into the spotlight," said Michael Schraer, vice president, Chubb
& Son, and not-for-profit customer group manager, Chubb Specialty Insurance. "More schools are being held accountable by
students, parents, donors and others. Increasingly, their stretched budgets are vulnerable to litigation costs, judgments
and fines, as well the loss of stolen funds. Chubb's new modular approach helps protect educational institutions against such
losses and helps them avoid coverage gaps created by purchasing insurance policies from several different insurers."
Forefront Portfolio for Not-For-Profit Educational Institutions is customized for not-for-profit primary (K-12) and secondary
(colleges and universities) schools and is available in 45 states and the District of Columbia. Institutions may select a
separate limit for each coverage section they purchase or an aggregate limit. Employment practices liability insurance customers
have access to online EPL loss prevention services. Forefront Portfolio is designed to complement Chubb's full suite of products
for the not-for-profit educational market, including property, boiler and machinery, general liability, commercial automobile,
workers' compensation, umbrella/excess and environmental insurance.
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 8,500 independent agents and brokers. Chubb's
global network includes branches and affiliates in North America, Europe, Latin America, Asia, and Australia.
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