Chubb Helps to Advance Sustainability Through New Products and Risk Management Approach for Biorenewable and Industrial Biotech Firms

WARREN, N.J., Sept. 24, 2014 /PRNewswire/ -- The Chubb Group of Insurance Companies has launched a series of insurance products and a multidisciplinary approach to managing the new risks faced by biorenewable and industrial biotechnology companies.

Drawing upon its expertise in its Clean Technology, Life Sciences and Energy practices, Chubb now provides research and development, early stage and commercialized biorenewable companies a variety of property and casualty insurance products and loss control solutions to help manage risks as these firms evolve. Insurance is available to respond to loss or damage to buildings or personal property, research and development property, loss of milestone payments due to property loss or damage, equipment breakdown, contamination, general liability, product liability, and errors and omissions.

Biorenewable and industrial biotechnology companies develop technologies to convert waste, plant or plant-based materials into products or components traditionally derived from petroleum or other non-renewable sources. As these companies develop their proprietary processes and derivative products, they may find themselves involved in different industries and facing unfamiliar risks. For example, a company that had been focused on renewable transportation fuel may be able to develop and market cosmetics from a byproduct of its production process.

"Developing sustainable alternatives to petroleum can provide a tremendous benefit to our environment," said Amy Ingram, vice president and worldwide clean technology manager for Chubb. "By partnering with our Life Sciences and Energy colleagues around the world, Chubb's Clean Technology Practice can help biorenewable, bio-fuel and industrial biotechnology customers identify and manage these 'new' risks so they can further develop products and services that advance global prosperity and sustainability." 

Chubb has been offering insurance products and services to the clean technology, life sciences and energy industries for more than 30 years. Chubb has been the endorsed property and casualty insurer for the Biotechnology Industry Organization and 40 state and regional biotechnology associations in the United States since 1998.  Chubb also insures more than half of the Global Cleantech 100. 

About Chubb
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.

Contact: Jodi Dorman
(908) 903-2608
Email: [email protected]

SOURCE Chubb Group of Insurance Companies