CHINA – Media OutReach – 1 September 2020 – Chubb announced today the launch of Enterprise Guard Plus with enhanced benefits to its existing business package insurance policy in Hong Kong SAR. The enhanced product offers greater coverage for the evolving needs of businesses, in particular for new exposures due to COVID-19.
With the movement restrictions severely impacting business operations and the economy, more businesses have shifted their operations online. At the same time, corporate IT departments have also had to focus resources on keeping networks up and running, potentially impacting their ability to detect malicious activity quickly. In response to this, the enhanced plan comes with an optional legal liability cover that protects businesses when handling personal data.
Here are highlights of the new and enhanced benefits:
1. Newly added material damage cover includes daily cash benefits, exhibition materials, and accidental glass breakage.
2. New for old cover for damaged contents.
3. Double up increased costs of work in case of business interruption.
4. Fraudulent use of company credit card.
5. Legal liability extended to cover bodily injury arising from activities arranged by social and welfare club.
6. Optional legal liability cover that protects businesses when handling personal data.
Stanley Wong, President of Chubb’s general insurance business in Hong Kong SAR said, “With the on-going pandemic and business restrictions in Hong Kong, SMEs are the hardest hit in the economic downturn. We understand the emerging risks as businesses adapt their operations to the new normal. With Enterprise Guard Plus, we have tailored coverage to respond to the evolving risks so that SMEs can sustain their core business with confidence.”
Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries and territories, 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. As an underwriting company, we assess, assume and manage risk with insight and discipline.
We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength 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, Paris and other locations, and employs approximately 33,000 people worldwide.
With both general and life insurance operations, Chubb has been present in Hong Kong SAR for more than 90 years via acquisitions by its predecessor companies. Its general insurance operation in Hong Kong SAR (Chubb Insurance Hong Kong Limited) is a niche and specialist general insurer offering products such as property, casualty, marine, financial lines and consumer lines designed for large corporates, midsized commercial & small business enterprises as well as retail customers.
The AA- long term insurer financial strength and counterparty credit ratings by Standard & Poor’s are indicative of the company’s strong capitalisation. Over the years, the company has built strong client relationships by offering responsive service, developing innovative products and providing market leadership built on financial strength.