YOUR HOME POLICY GUIDE

Transcription

1 YOUR HOME POLICY GUIDE

2 Chubb Masterpiece exceptional insurance for homes and cars Who insures you doesn t matter Until it does! Whether you own a Regency rectory or a panoramic penthouse, an Aston or an Audi, pearls or Purdeys with Chubb Masterpiece you can always be confident that you re covered adequately and your claims will be paid promptly and fairly. All too often with standard insurance, claims may be delayed, or only partially paid or even turned down. Our guiding principle is to ensure that, in the event of a claim, you receive the fairest possible compensation with the minimum fuss. Chubb s trademark three-step process is designed to eliminate the pitfalls of standard insurance with each step building towards the certainty of our legendary claim service. Step 1 Our unique appraisal service checks that you are insured correctly Step 2 Our remarkable cover aims to restore things the way they were Step 3 Our legendary claim service puts you in control We invest time, when you take out your policy, to eliminate haggling after a claim. We are the only insurer to appraise every house we insure in the UK. Our unique appraisal service establishes the rebuild cost of your house upfront. Our Agreed Value approach lets you set the sums insured for your specified valuables. In most cases, we also carry out a full contents appraisal. So you know from the very start that you have the right level of cover. The result A transparency that eliminates infuriating haggling and speeds claims payments. Our appraisal service allows us to offer remarkable cover without catches. By understanding what we re protecting, we don t need to protect ourselves against unknowns. So we can provide all risks worldwide cover (including accidental damage) for your possessions with few restrictive conditions and no under-insurance penalties that can trip you up. The result You are free to enjoy your possessions confident that you are covered adequately. We are determined that, should you make a claim, there will be no nasty surprises. Steps 1 & 2 help settle things in advance. There are no tedious claim forms to complete and we try to do all we can by phone or . You can choose a full cash settlement or nominate your own suppliers and craftsmen. We aim to pay non-complex claims in two days from first report to payment into your account. For more complex claims we are renowned for our helpfulness and quick decisions. The result Brokers consistently rate our claim service as the best in the industry. Our Motor policy shares a similar three-step approach and provides a remarkable combination of covers and service including Agreed Value for all your cars. This is why we say we create certainty. A quality approach for 130 years Since 1882 Chubb has been renowned in America for exceptional insurance cover and service for individuals and businesses. We are one of the world s most financially stable insurers with over $50 billion in assets and 120 offices worldwide. Our prudent financial management and disciplined underwriting earn us consistently high ratings for financial strength from the leading credit-rating agencies. We are a world-leading insurer of fine homes and cars, as well as privately-owned art, antiques and jewellery. There are over one million Masterpiece policyholders around the world. Masterpiece was launched in the UK in 1996.

3 How our trademark three-step process could work for you Our portfolio approach offers you the simplicity of insuring all your homes, possessions and cars on one policy with one premium and one renewal date. Please ask your broker for details. Step 1 Our unique appraisal service Our appraisers expertise extends beyond calculating accurate sums insured. Step 2 Our remarkable cover Our goal is to provide the broadest cover that allows us to restore things the way they were. Step 3 Our legendary claim service Our aim is to offer a claim process that is fast, fair and fuss-free, where your choices are respected. A new client had estimated his buildings sums insured as 1.1m and contents as 257,000 for his previous insurer. As part of the Masterpiece appraisal visit, our expert appraiser assessed his house and outbuildings, recorded construction and finishes, and reviewed the contents. The buildings and contents were both under-insured. The buildings by 145,000 with low replacement costs for the pool house, custom kitchen and new sash windows. The contents by 76,000 with under-estimates for clothing, sports equipment, furnishings and wine. As his last jewellery and art valuation was 6 years old, the appraiser put the client in touch with a specialist valuer. The appraiser also made recommendations about fire, security and other protection measures, including relocating some paintings to prevent sun damage. The appraisal meant the client could be confident he was now insured correctly. A standard insurer wouldn t offer an appraisal and would expect the client to work out the sums insured himself. Any under-insurance could mean a claim being reduced by the same percentage as the under-insurance. A leaking pipe in the all-marble bathroom of a London client caused extensive damage. The emergency plumber had to remove nearly half the floor tiles and the bathsurround to pinpoint the source of the leak. The Masterpiece policy provides unlimited cover for tracing a leak, accessing it for repair and restoring any damage from the search. Unfortunately, the marble tiles originally sourced in Italy could not be matched. So, Chubb paid 12,000 for the entire bathroom to be retiled in a similar marble. A standard policy would probably have covered the repair only 490 in total. After a trip to Paris, a client found that one of her favourite diamond earrings was missing. She had no idea how it had been lost. So we simply asked for the remaining earring and paid the 10,500 Agreed Value for the pair, with no deduction. A standard policy would have paid only for the one lost earring 5,250 or market value, whichever was lower, less a deduction for excess. A burst boiler caused significant water damage to a client s kitchen floor and the floor level kitchen cupboards. The kitchen was open plan with an adjoining dining area and playroom. The same walnut wood floor was laid throughout. Although the water had only damaged the floor in the immediate kitchen area, it was impossible to match the new floor to the remaining walnut floor. We discussed this with the client and agreed it was not aesthetically acceptable. As a result, we offered to replace the walnut floor in the dining area and playroom, as well as in the kitchen. So, in addition to replacing the cupboards, Chubb paid a total of 16,000 to replace the whole floor. A standard policy is likely to have paid only to replace the floor in the kitchen area. This would leave the client either with a mis-matched floor, or out-of-pocket by about 10,800 if he d chosen to replace the whole floor himself. Since 1882, Chubb Insurance has maintained a Tiffany standard, showing up at the scene of the unpleasantness with an open chequebook, empathy and no impertinent questions asked. BEST PERSONAL INSURER Insurance Times Industry Awards Winner: 7 times in the last 10 years BEST CLAIMS SERVICE Insurance Times Broker Survey Winner: 4 times in the last 5 years Forbes FYI Magazine Millennium Review 2001 Awards voted by 2,500 randomly selected UK brokers. Survey conducted with 700 UK brokers.

4 How does Masterpiece compare with standard home insurance? Chubb Masterpiece A standard home policy Step 1 We invest time at the outset, via our appraisal service, to check that you are insured correctly How do I make certain my homes and contents are insured for the right amount? Can I be sure what I ll receive for my specified valuables after a total loss? Our appraiser will advise you After viewing your home, our expert appraiser will recommend a sum insured for the buildings and, in most cases, also for your contents. Then we usually offer Extended Replacement Cost cover. This means we guarantee to rebuild your house or outbuildings exactly as they were whatever the cost. Yes We agree with you at the outset the exact sum we will pay without any deductions, for all specified valuables for the policy year. We call this Agreed Value. You re usually left to work it out for yourself You are left to calculate the sums you want insured. Underestimate and you could be penalised later with any claim being reduced by the proportion of under-insurance. It s called averaging and is a term & condition found in most policies. No Regardless of any sums in your policy for specified valuables, your payment will be based on the trade price at the time of your loss, less the deduction of an excess. Step 2 Our appraisal allows us to offer remarkable cover to restore things the way they were What are my possessions covered for? Am I covered for accidental loss or damage? Are my possessions covered outside my home? Do you cover second homes here and abroad? Will the policy restrict how I live? Are there under-insurance penalties? All risks Your possessions are covered for all risks. This means your homes and contents are covered for loss and damage by all major causes. Unless we specifically exclude something, then you re covered. Yes It s part of our all risks cover for your house & contents. Yes, worldwide All your possessions are covered for all risks worldwide, at any time, even when you re travelling. Yes On the same policy as your family home with the same level of cover. We try not to restrict your lifestyle We trust you to protect your possessions, so we don t insist you keep jewellery in a safe and won t penalise you for the occasional human error. No Our appraisal means we know what we are insuring, so we have no need for under-insurance clauses. Specific risks only listed in your policy Most standard policies are more restrictive. They only cover your possessions for loss or damage by specific named risks e.g. fire, theft, storm or water damage. For example, if a cause, such as accidental damage, isn't explicitly listed in your policy or schedule then it will not be covered. Unlikely Accidental loss or damage is not usually offered as standard. It may be available at an extra cost, but it could be limited. Unlikely Most items will not be covered, although there may be limited cover for specified personal effects. Any worldwide cover is typically restricted to 30 days. Possibly If cover is offered it is likely to be on a separate policy and under more onerous terms. In all probability there ll be restrictions There are likely to be conditions that will place constraints on your lifestyle e.g. burglar alarm and jewellery clauses. Non-adherence could invalidate a claim. Yes, there are often penalties If your sums insured are incorrect, your claim may be reduced by the proportion of the under-insurance. Step 3 Our legendary claim service is consistently voted by brokers as the best in the industry How quickly will my claim be paid? On what basis will my claim be paid? We aim to pay claims fast Steps 1 & 2 help settle most claims in advance and there are no time-wasting claims forms to fill in. We aim to pay most non-complex claims within 2 days. For more complex claims we are renowned for our helpfulness, quick decisions and fast payment. Your choice New for old including clothes. Your choice of cash or replacement for a total loss. Your choice of suppliers or craftsmen. There are no guarantees You will be asked to justify the amount of your claim. This can often be difficult and time-consuming for example, purchase receipts are not always at hand. Your insurer s choice New for old except clothes. Possibly no cash option for a total loss. Unlikely to offer a choice of supplier or repairer Chubb Insurance Company of Europe SE is a European company incorporated in England and Wales registered under company number SE13. The registered office is 106 Fenchurch Street, London EC3M 5NB. Chubb is authorised and regulated by the Financial Services Authority (FSA) and listed on the FSA Register under registration number Cover is underwritten by Chubb Insurance Company of Europe SE. This information is descriptive only. The precise cover provided is subject to the terms and conditions of the policy as issued. For promotional purposes, Chubb means member insurers of the Chubb Group of Insurance Companies. For the purposes of training and monitoring our service, some telephone calls may be recorded. Printed on environmentally friendly paper from a sustainable source. Jewellery images courtesy of Boodles. Chubb Insurance Company of Europe SE 2012 UK Masterpiece Home Guide / Nov 12

5 YOUR HOME POLICY SUMMARY This document gives you key information about the Chubb Masterpiece Home Insurance Policy. Our policy book will give you full details. Please contact your insurance broker if you have any questions, or for more literature about Chubb. Policy name: Masterpiece Home. Type of insurance: Buildings, Contents, Fine Art, Jewellery, Valuables, Family Protection, Liability, Legal, Home Emergency, Travel. Underwritten by: Chubb Insurance Company of Europe SE (Chubb). Legal Expenses & Home Emergency cover is underwritten by Brit Syndicates Ltd. The details you need to know How do I make a claim? To make a claim, you should contact your insurance broker, or call us on (from outside the UK ). Full details of how to make a claim are in your policy book. With Chubb you have: No claim forms to complete The choice of a full cash settlement or replacement/ repair using your own supplier. How long is my period of cover? Masterpiece is an annual contract that can be renewed each year subject to the terms and conditions then applicable. You should periodically review, and if necessary update, your sums insured to ensure they remain accurate. What are my cancellation rights? You have a statutory right to cancel your new insurance policy within 14 days of receipt of the policy documentation or 14 days from the effective date of the policy whichever is the later. We will refund any premium you have already paid, but may retain a proportion that relates to the time on risk and, in addition, an administrative fee if you have made a claim. Any refund will be paid within 30 days of receipt of your cancellation notice. If you decide not to continue with the policy any time thereafter, you may cancel the policy at any time by returning it to us or notifying us in writing of the future date at which the cancellation is to take effect. Any return premium will be calculated on a pro-rata basis and will depend upon any claims made by you. If you cancel you should initially contact your broker. What is the complaints procedure? We aim to provide the best possible level of service. If for any reason you are unhappy with our service or have other cause for complaint, please contact your insurance broker or contact us at: Personal Lines Division, Chubb Insurance Company of Europe SE, 106 Fenchurch Street, London EC3M 5NB If you remain dissatisfied, you may ask the Financial Ombudsman s Service to review your case: Insurance Division, The Financial Ombudsman s Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR This will not affect your right to take legal action against Chubb. What are my compensation rights? Chubb is covered by the Financial Services Compensation Scheme (FSCS). This provides compensation in case any of its members, in specified circumstances, are unable to meet any valid claims under their policies. Further information can be obtained from Chubb at our address above, or from the FSCS at: Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, 1 Portsoken Street, London E1 8BN / What are my data protection rights? Chubb collects and processes personal information about you, such as your name, address, policy number and any other personal details you provide to Chubb (directly or through your broker) in order to provide you with insurance and claims services. Chubb will treat this information in accordance with applicable data protection law. For policy administration purposes, Chubb will use and store your personal information on an electronic database, which may also be available to selected authorised representatives of member insurers of the Chubb Group of Insurance Companies operating outside Europe. Chubb has taken reasonable measures to protect your personal information once it is transferred outside Europe in accordance with our normal data security policies. We may also disclose your personal information to outside parties, such as premium collection agencies, re-insurers, outside counsel and claims administrators, to facilitate the provision of insurance and claims services to you, or as allowed by law, or as requested or required by regulatory bodies. What is the law applicable to my policy? Unless otherwise agreed, this policy will be interpreted and construed in accordance with English law. Where is Chubb registered and who regulates it? Chubb Insurance Company of Europe SE (Chubb) is a European company incorporated in England and Wales and registered under company number SE13. It is the European subsidiary of the global insurance organisation Chubb Group of Insurance Companies. Our registered office is 106 Fenchurch Street, London EC3M 5NB. Chubb is authorised and regulated by the Financial Services Authority (FSA) and is listed on the FSA Register under registration number You can check this by visiting the FSA s website at or by contacting the FSA on

6 Significant Features/ Benefits Significant Exclusions/ Limitations Our aim is to provide the broadest and most appropriate cover possible for you. The headings in bold italics refer to the section of our policy to which the features or exclusions are applicable. Step 1 Appraisal Service We will visit your home to confirm the rebuilding cost of your house and in most cases will advise on a sum insured for your contents. Step 2 Cover Unless specifically excluded in the policy, we cover your possessions for all risks wherever you are in the world. We have few restrictive conditions and no under-insurance penalties. Step 3 Claims In the event of a claim you have the option of a cash settlement, with no penalty or, you can nominate your own suppliers for replacement and your own craftsmen for repair. Deluxe House Cover accidental damage or loss automatically covered Extended Replacement Cost cover This applies if you accept our appraiser s recommendation for your buildings sum insured. It guarantees to rebuild your house after a total loss, even if the cost is more than the buildings sum insured. Environmental Upgrade We will pay up to 25,000 to install green power generating equipment following a covered loss. Utility cover To purchase alternative water and/ or power supplies to replace your existing environmentally friendly supplies (e.g. solar, wind, geothermal). Trace and Access We will pay to trace a leak of oil, water or gas within your home and reinstate any damage caused up to the total buildings sum insured. Unlimited loss of oil or metered water We cover the cost of loss of oil or metered water.that escapes from your home s heating or water system. Disability Alterations We will pay up to 50,000 for essential alterations to your house or other permanent structure to allow you or a family member to live unassisted if you or a family member are permanently disabled as a result of either injury or an illness. Other permanent outbuildings Covered up to 20% of the buildings sum insured. Second Homes Second homes are included on the same policy as your main home with the same level of cover. Deluxe Contents Cover accidental damage or loss automatically covered Worldwide all risks cover for your possessions Your possessions are covered, including accidental loss and damage, anywhere in the world. Total loss items are replaced new for old, including clothes, with no deductions for wear and tear. Newly acquired items Automatically covered to 25% of the contents sum insured Automatic cover for Business Equipment Automatic cover for hired Marquees Valuable Articles Cover Agreed Value for specified items, e.g. fine art or jewellery, with no deductions. Extended Replacement Cost cover For specified fine art, we will pay up to an additional maximum of 200% above the agreed value, if under-insurance is discovered at the time of the covered loss and a professional valuation had been carried out within 3 years of the date of loss. For all other specified valuables, we will pay up to the total sum insured for the relevant category, if under-insurance is discovered at the time of the covered loss and a professional valuation had been carried out within 1 year of the date of loss. Pairs or Sets If part of a pair or set is lost or damaged beyond repair, give us the remaining parts, and we ll pay you the Agreed Value of the entire set. Newly acquired items automatically covered to 25% of the specified sum insured. Automatic cover for items of fine arts or jewellery loaned to you Public Liability Cover Worldwide Legal Liability cover limits of 2m, 5m and 10m are available. Credit Card Fraud cover up to 50,000. Family Protection Cover Cover for loss and emotional trauma from car jacking, aggravated burglary, child abduction, hijacking, stalking, air and road rage for you and your family. House and Contents Legal Expenses Cover Legal expenses cover up to 100,000 per incident, including Identity Fraud. House and Contents Home Emergency Cover Call out charges, labour and materials cover following the emergency breakdown of domestic systems, such as heating and plumbing. Annual Travel Cover with Winter Sports Cover up to age 75. No pre-existing medical conditions excluded. Medical/ repatriation expenses 10m per person. Cancellation & curtailment 5,000 per person. Personal accident 50,000 per person. The only exception is Annual Travel Cover, which is perils based, where the policy specifically declares what is included. Under Deluxe House and Deluxe Contents Cover we will usually ask you to pay a deductible as stated in your policy schedule. There is no deductible for total claims over 10,000 (except subsidence) or for specified Valuable Articles. We may not be able to provide this for some Grade 1 listed homes or properties of unusual construction. Here the basis of cover will be replacement cost. Only applies if a covered loss of 10,000 or more occurs, & if this is the first time green power equipment has been installed. A 10,000 limit applies. The injury or illness must have first occurred during the policy period. You must switch the water off, or keep the heating on, if you leave a home for more than 60 days. These items must be added to the policy within 60 days of acquisition. A 2,500 per item limit applies, within a total payment limit of 25,000. A 30,000 limit applies. The maximum amount we will pay above the agreed value is 1m. Fine arts limit of 500,000. All other valuables limit of 100,000. These items must be added to the policy within 60 days of acquisition. Unless otherwise agreed by us, cover is restricted to 7 days & the maximum amount payable is 250,000 for fine arts & 50,000 for jewellery. 2m limit for incidents with vehicles not registered for road use & child s play equipment. Doesn t include illness cover so doesn t provide the cover required for some employers by the Employers' Liability (Compulsory Insurance) Regulations Aggravated Burglary cover applies only in respect of incidents occurring in your main home(s). Provided there is a reasonable prospect of success in pursuing a case. A 1,000 limit applies We do not provide any cover for any person who has attained the age of 75. We do not provide cover if you are travelling against the advice of a Qualified Medical Practitioner; or to obtain medical treatment; or where a terminal prognosis has been given; or are receiving or waiting for hospital tests or treatment for any condition or set of symptoms that have not been diagnosed; or whilst undergoing hospital or specialist treatment for an illness. We do not cover trips to Burma/ Myanmar, Cuba, Iran, Sudan, Somalia or Syria. Chubb Insurance Company of Europe SE 2012 Masterpiece UK Home Policy Summary Nov 2012