Chubb Insurance has won a massive affinity deal to provide directors' and officers' insurance to the Institute of Directors' (IOD) 50,000 members.

The deal is thought to be Chubb's first within the affinity market without using a broker or intermediary partner.

In a bid to woo the institute's members, Chubb has created a bespoke product. This includes a limit of £1m liability, full limit defence cost cover for allegations of fraud, dishonesty and intentional breach of law, and also covers defence costs for anywhere in the European Union.

UK and Ireland manager of Chubb Executive Risk, David Robinson, said: "Although a company may have limited liability, an individual may not and he or she will be putting their personal assets at risk, to not mention their career."

The new deal with the IOD is supported by a special helpline to advise the institute's members.

Robinson said that the affinity deal was a one-off and that the Chubb Executive would not be seeking to create other affinity deals without using brokers.

He said: "This is not something we intend to repeat. The costs of this deal do not allow for a broker to be involved. If we had to pay commission we would not make money."