You can insure your home, your car and your life. Now you can also insure against cyberbullies.
Global insurance giant Chubb ( recently launched a new cyberbullying insurance for wealthy clients across the U.K. and the Republic of Ireland. )
This is the first time this type of insurance has been offered in the region, said Chubb.
Chubb said it will shell out as much as £50,000 ($74,600) to help clients and their families recover from online trolls.
As part of the package, Chubb will pay PR professionals to help a client repair reputational damage and will pay cyber-security professionals to help a client build a strong legal case if the matter is brought to court.
Plus, it will pay for lost income or tuition fees if a client has to miss work or school. And it will cover temporary relocation costs if a client has to move as a result of trolling.
“The intention is to cover any related costs that may occur as a result of cyberbullying,” said Tara Parchment, a client manager at Chubb.
But the new insurance can’t be purchased as a stand-alone product. It’s only included in Chubb’s top-of-the-line home insurance package, which costs at least £2,500 ($3,730) per year and is targeted at high-net-worth individuals.
Just how bad does the cyberbullying have to get before you call Chubb?
Parchment said a client can seek coverage after experiencing more than three acts of cyberbullying that resulted in a financial loss. The client would have to undergo harassment, intimidation and/or threats of libel, slander or violence. So run-of-the-mill online taunting wouldn’t be enough to trigger payouts.
CNNMoney (London) First published December 18, 2015: 10:11 AM ET