Chubb Enhances Calif. Homeowners Insurance Offering

October 8, 2003

The Chubb Group of Insurance Companies has made several enhancements to its Masterpiece homeowners insurance program in California.

Chubb has introduced new coverages, more competitive rates, higher deductibles and other features and benefits. A new collectibles class will enable the insurer to offer more competitive rates to collectors of wine, antique guns, model trains and other collections. The insurer also raised its maximum personal and excess liability limits to $50 million, up from $10 million.

In addition, policyholders can obtain superior protection credits totaling up to 15 percent for a highly protected house. Credits ranging from one percent to five percent each are available for a closed circuit TV cameras or detection system that is monitored 24 hours a days, a full-time caretaker, temperature monitoring system, electrical power back-up generator, water leak detection and control system, and automatic seismic shut-off values.

“These enhancements, as well the recently announced offering of Masterpiece Family Protection,SM are a clear indication that Chubb has an appetite to write more business in California,” said Peter Spicer, assistant vice president of Chubb & Son and new product manager for Chubb Personal Insurance. “Combined with our expert claims and in-home appraisal services, Chubb is a market of choice for the owners of custom-built, historic and other fine homes in the state.”

Family Protection, which is now being sold in 14 states including California, helps to protect families against the costs associated with a home invasion, child abduction, car jacking or stalking incident. In the event of a covered loss, the insurance reimburses the policyholder up to specified limits for various expenses. These include fees for medical and psychiatric services, reimbursement for lost wages, fees for professional security consultants and security guards, and the cost of recuperation, improving household security and temporarily relocating one’s residence.

The policy also provides a reward for information leading to the arrest and conviction of the responsible party. Covered relatives include one’s spouse, children, grandchildren, parents, grandparents, siblings and their children. Depending on the type and severity of covered loss, the policy provides up to $300,000 in coverage to California residents, as well as an accidental death and dismemberment benefit up to $250,000.

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