Chubb Launches Media Liability Platform in Response to Industry Convergence
WARREN, NJ, March 5, 2009 - Recognizing that media and non-media companies are now disseminating information and other content through multiple channels,
the Chubb Group of Insurance Companies has launched MediaGuardSM. The errors and omissions (E&O) liability insurance policy, which is available in the United States and Canada, can help
provide financial protection against a broad array of traditional and emerging media-related exposures.
MediaGuard brings together several stand-alone products into one insurance platform, along with new coverage enhancements.
Customers, ranging from broadcasters, publishers and film producers to advertisers and advertising agencies, can purchase
the coverage modules that address their specific business needs.
The policy provides third-party liability protection against exposures such as defamation, invasion of privacy, copyright
and trademark infringement, misappropriation and advertising errors and omissions. Enhancements include stand-alone insuring
clauses for news media and multimedia E&O, producers E&O, Internet liability and news media subpoena defense costs. Other
enhancements include built-in advertising coverage (content and E&O), merchandising coverage for production activities and
automatic coverage for Web sites created after policy inception.
"Media companies face a multitude of insurance issues and are constantly exposed to liability risks," said Ken Goldstein,
assistant vice president, Chubb & Son, and worldwide media liability manager, Chubb Specialty Insurance. "MediaGuard is a
fresh approach to the ever-evolving media marketplace by offering 'real-world' solutions to this fast-paced industry."
The worldwide modules are written on an "occurrence basis," which provides insurance for all covered activities that occur
during a policy period, regardless of when a claim is filed. Media and production activities are insured on an "all risk"
basis, which provides coverage beyond specified named perils. Furthermore, customers can select their own counsel or allow
Chubb to provide their defense.
MediaGuard is designed to complement Chubb's full suite of products for the media market, including film package, general
liability, special events, business automobile, excess/umbrella, workers' compensation, property, machinery breakdown, directors
and officers liability, employment practices liability, miscellaneous professional liability, crime, fiduciary liability,
cyber security and kidnap/ransom and extortion. Chubb has been insuring media and entertainment customers for more than 40
years.
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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