In an effort to protect high-profile individuals from libel and defamation, Global insurance provider, Chubb (CB), will now offer cyberbullying insurance for wealthy clients in the U.K. and Ireland.
According to the company, this will be the first time this type of insurance is offered in these regions. CNN Money reported that Chubb plans to offer as much as £50,000 ($74,600) to help clients and their loved ones recover from online taunting and harassment.
"The intention is to cover any related costs that may occur as a result of cyberbullying," Tara Parchment, a client manager at Chubb, told CNN.
But the new coverage is likely to only benefit high-net-worth individuals. The cyberbullying insurance can't be purchased as a stand-alone product—it is only included in Chubb's first-class home insurance package, which costs £2,500 ($3,730) at minimum per year.
What does the cyberbullying insurance package include? Chubb aims to employ PR professionals to help mend any reputational damage clients may face and cyber security professionals to aid with legal matters if an issue is brought to court.
The package will also cover lost income or tuition costs if a client is out of work or school for issues related to cyberbullying, as well as temporary relocation costs if a client has to move due to internet harassment.
Under what circumstances can a client seek compensation? Parchment told CNN that clients may seek coverage after more than three acts of cyberbullying that resulted in a financial loss.
The grounds for filing are strict, and include harassment, intimidation and/or threats of libel, slander or violence. So that means that annoying relative of yours who constantly tags you in Pinterest recipes and cat memes on Facebook won’t be going away anytime soon.
(H/T: CNN Money)