PHILADELPHIA, May 24, 2016 /PRNewswire/ -- Chubb has launched a new suite of insurance coverages that responds to the unique professional and management liability exposures faced by U.S. family offices. Named Family Office Amplifier, the flexible package of coverages includes many new specialized terms and conditions.
"There are significant liability exposures associated with managing and working for a family office," said Steven Goldman, Executive Vice President, Financial Lines, Chubb. "Family office executives and professional staff can be sued for a broad array of liability issues ranging from employment discrimination and the mismanagement of funds to professional negligence. We are excited to launch these updated coverages and make them available through one customizable package."
Family offices, which help high-net-worth families preserve and transfer wealth, offer a mix of professional and trustee services involving fiduciary standards of care. Supported by a dedicated team of liability claims specialists, Family Office Amplifier includes:
Many coverage terms and conditions in the new family office product have been updated to reflect today's evolving financial services industry, including:
Chubb has a long history of providing specialized insurance products and risk management services to family offices, financial institutions and high-net-worth individuals. In February 2016, for the second consecutive year, Chubb was recognized as the Best High-Net-Worth Insurance Company by Private Asset Management (PAM), a leading publication that reports on the wealth management and family office industry.
Product highlights are summaries only; please see the actual policy for terms and conditions. Product offerings may vary by location.
Chubb is the world's largest publicly traded property and casualty insurer. 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. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise 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: new.chubb.com.