New Products

Chubb Enhances High Net Worth Cover

Rachel Walsh, 24 November 2008

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US-based Chubb Insurance, which employs a team that focuses on high net worth individuals, has enhanced a policy targeted at its wealthy client base.  The new Masterpiece Signature policy offers improved cover for homes, cars and possessions and is effective from 1 January 2009.

“The enhancements arose from our knowledge of the policyholders’ lifestyle and working with brokers to pinpoint client needs.  Our research showed that the very wealthy want to know that their assets are covered appropriately and that after a claim they will be paid fairly and quickly, with no stress,” said Simon Mobey, personal lines manager at Chubb.

To that end, the insurers have extended the policy in a variety of ways. If a client has to replace valuables and the valuation has been completed within the last three years, Chubb will give up to 150 per cent of the sum insured, with a maximum of £1 million ($1.49 million) for fine art.

New acquisition cover for valuables now automatically provides up to £5 million for fine art and up to £500,000 for jewellery/other valuables.

Chubb will give up to £1,000 to install solar, wind, or geothermal power generating systems if rebuilding or replacing, plus, up to £20,000 to purchase alternative water and/or power supplies to replace existing "eco" supplies.

Alternative accommodation is now unlimited cover and includes housing pets and horses, plus £10,000 for emergency clothing.

Legal expenses cover will increase to five times the market standard and include many new enhancements, such as more ID fraud cover.

Extended replacement cost for modern cars – if a car is written off, they will give up to 150 per cent of the sum insured to enable it to be replaced like-for-like (especially important for cars which appreciate in value).

Chubb will pay up to 125 per cent of the agreed value to repair a damaged car – rather than write it off.

The policy covers private parties, providing cover for indoor functions cancelled due to illness, injury or death and outdoor functions due to specific perils such as flooding.

Chubb will provide up to £50,000 if commissioned artwork is unfinished due to the death of the artist. The insurer will pay up to £1,000 to the nominated charity if the policyholder is too ill to attend an event for which they have been sponsored.

The firm will recommend a network of experts who offer exclusive arrangements to policyholders, such as domestic staff screening, cyber protection, fine art sourcing and valuations.

Chubb Insurance Company provides specialist commercial and personal lines products through independent brokers. It is part of the NYSE-listed Chubb Corporation and has over 30 offices in 12 countries.

 

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