SOURCE: Chubb

Chubb

March 05, 2009 15:08 ET

Chubb Launches Media Liability Platform in Response to Industry Convergence

WARREN, NJ--(Marketwire - 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 MediaGuard(SM). 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.

Contact Information

  • Chubb Group of Insurance Companies
    15 Mountain View Road
    P.O. Box 1615
    Warren, New Jersey 07059

    Contact:
    Jodi Dorman
    (908) 903-2608
    Email: jdorman@chubb.com