Advanced Coverage for Evolving Risk SM

Transcription

1 Advanced Coverage for Evolving Risk SM

2 Advanced Coverage for Evolving Risk Chubb Personal Insurance is proud to present Masterpiece 6.0, the next generation of our renowned Masterpiece coverages. A multi-line initiative, the 6.0 package is designed to help your clients more effectively manage evolving risk with new and enhanced automobile, homeowners, personal and excess liability, valuable articles, and Masterpiece Family Protection SM coverages. The package includes four coverage bundles. In most jurisdictions, these bundles will be introduced with varying effective dates: Homeowners & Personal/Excess Liability Bundle comprised of 12 coverage enhancements and two new coverages, including GreenWise SM Utility Expenses coverage and Water Detection Expense coverage. Valuable Articles Bundle includes an enhancement to Newly Acquired Jewelry coverage and the introduction of Fine Art Expenses coverage nationwide. Automobile Bundle incorporates increased coverage for lost earnings under Defense coverage and an increased Optional Road Service coverage limit. This bundle is frequently introduced with Masterpiece Collector Vehicle changes that are being implemented nationwide. Family Protection Bundle encompasses three new coverages Hijacking, Air Rage and Road Rage as well as a new Home and Vehicle Modification Expenses coverage. Also includes an enhancement to Residential Security Expenses coverage. In states where the 6.0 package is introduced, each coverage component impacts multiple Masterpiece contracts. For an in-depth look, please refer to the following chart, which includes: A description of each change and where it resides within the contract A listing of impacted forms Old and new amount of coverage, as applicable To Learn More For more information and the latest updates regarding availability of new coverages and enhancements in your jurisdiction, please contact your personal lines underwriter or marketing specialist.

3 HOMEOWNERS Broaden Additions and Alterations coverage to include other owned permanent structures, regardless of condo/co-op association insurance requirements. Advanced Coverage for Evolving Risk Extra Coverages: Additions and Alterations Broaden Additional Living Expenses. Fair rental value broadened to include residential other permanent structures. Remove forced evacuation requirement that a civil authority must prohibit use of the house. Add evacuation coverage for the reasonable threat of loss, with no requirement of loss to a neighboring premises. Coverage is for incurred expenses. For homes under construction, coverage is limited to the amount of time required to restore the house to the condition prior to the loss, without the requirement that the insured must be living in or out of the house. Extra Coverages: Additional Living Expenses Capped at 30% of Dwelling coverage for Vacation Home. Unlimited in most states. 2 No change. Introduce $5,000 as minimum amount for Land coverage. Extra Coverages: Land 10% of the amount of the covered loss. $5,000 or 10% of the amount of the covered loss, whichever is greater. Increase Landscaping limits and add an exception for brush and forestry. Extra Coverages: Landscaping, City Garden $5,000 per tree/shrub. $10,000 per tree/shrub.

4 HOMEOWNERS (continued) Increase the limit for Lock Replacement. Extra Coverages: Lock Replacement $500 $2,000 Eliminate the Business Property sub-limit for off-premises electronic data processing equipment (EDP). Introduce Water Detection Expense coverage for the reasonable cost of labor incurred to install a water leak detection and water shut-off system following a covered water damage loss of $10,000 or more, prior to the application of the deductible. Introduce GreenWise Utility Expenses to reimburse additional expenses incurred to purchase power from a utility while the home s solar, wind or geothermal power-generating system is being repaired, or to purchase water from a utility when an alternative water system is being repaired when any of these systems are damaged or destroyed by a covered loss. In addition, the coverage will reimburse for lost income usually received from a utility company, due to a loss to a solar, wind or geothermal system that provides excess energy purchased by the utility. Extra Coverages: Business Property Extra Coverages: Water Detection Expense Extra Coverages: GreenWise Utility Expenses City Home Contents Coverage Deluxe Contents Coverage Fire Contents Coverage Standard Contents Coverage $2,500 sub-limit for off-premises EDP. $10,000 sub-limit for off-premises EDP (Condo/Co-Op Preference only). $5,000 $50,000 $25,000 for all Business Property.

5 VALUABLE ARTICLES Remove $50,000 limit for Newly Acquired Jewelry. Newly Acquired Valuable Articles Valuable Articles Coverage 25% of total itemized coverage for jewelry, up to $50, % of total itemized coverage for jewelry. Introduce Fine Art Expenses coverage, including: Defective title 3 to offset legal costs to defend title to a covered fine art and; Extra Coverages: Fine Art Expenses Valuable Articles Coverage $100,000 per occurrence/maximum per policy period. Works in progress to reimburse incurred costs that cannot be recovered when an uncompleted work of art is damaged or destroyed by a covered peril or the artist dies before the work is completed. $100,000 per occurence. LIABILITY (Personal and Excess) Increase limit for lost earnings as a result of Liability Defense and remove the per-diem limit. Eliminate sub-limit for lost earnings as a result of Kidnapping. Defense Coverages Excess Liability Coverage Personal Liability Coverage $250 a day, up to $10,000. Extra Coverages: Kidnap Expenses Personal Liability Coverage $250 a day, up to $10,000. Increase limit for Medical Payments to Others. Extra Coverages: Medical Payments to Others Personal Liability Coverage $10,000 per person/ per occurrence. Increase limit for Damaged Property and remove tenant property exclusion. Increase maximum amount of Identity Fraud coverage. Eliminate sub-limits for lost earnings. Increase the number of residential staff permitted under optional Employment Practices Liability. AUTO $50,000 Extra Coverages: Damaged Property Personal Liability Coverage $1,000 $15,000 Extra Coverages: Identity Fraud Personal Liability Coverage $25,000 per occurrence. $250 a day for lost earnings, up to $10,000. Extra Coverages: Employment Practices Liability Extra Coverages: Condition for Employment Practices Liability Excess Liability Coverage Personal Liability Coverage Residential staff up to 5 individuals. Total limit for Kidnap Expenses remains $100,000, with no sub-limit. $25,000 per person/ per occurrence. $50,000 per occurrence, with no sub-limit. Residential staff up to 12 individuals. Increase limit for optional Road Service coverage. Extra Coverages: Road Service Collector Vehicle Physical Damage Coverage Vehicle Physical Damage Coverage Increase limit for lost earnings as a result of Vehicle Liability and remove the per-diem limit. $75 $150 Defense Coverages Vehicle Liability Coverage $250 a day, up to $10,000. $50,000

6 MASTERPIECE FAMILY PROTECTION Revision Section of Contract Old Amount New Amounts Per Occurrence Introduce Hijacking coverage for expenses incurred as a result of a hijacking occurrence. Includes AD&D benefit in most states. 4 None Amount of Coverage Conditions: Your Duties After a Loss Notification Coverage Summary Exclusions: False Report, Salary Lost, Substance Abuse Treatment, and Acts of Certain Persons Family Protection Coverage Introduction Hijacking Coverage $100,000 for medical expenses. $50,000 for psychiatric services. $15,000 for rest and recuperation expenses. $30,000 for lost salary. $5,000 for non-refundable travel expenses. Introduce Road Rage coverage for expenses incurred as a result of a road rage occurrence. Includes AD&D benefit in most states. 4 Introduce Air Rage coverage for expenses incurred as a result of an air rage occurrence. Includes AD&D benefit in most states. 4 Introduce Home and Vehicle Modification Expenses which covers certain expenses if an insured is permanently disabled due to a covered carjacking 5, hijacking, child abduction, home invasion, air rage or road rage loss. Amount of Coverage Conditions: Your Duties After a Loss Notification Coverage Summary Exclusions: False Report, Salary Lost, Substance Abuse Treatment, and Acts of Certain Persons Family Protection Coverage Introduction Road Rage Coverage Air Rage Coverage Amount of Coverage Conditions: Your Duties After a Loss Notification Coverage Summary Exclusions: False Report, Salary Lost, Substance Abuse Treatment, and Acts of Certain Persons Family Protection Coverage Introduction Family Protection Coverage Home and Vehicle Modification None None $25,000 $100,000 for medical expenses. $50,000 for psychiatric services. $15,000 for rest and recuperation expenses. $30,000 for lost salary. Coverage for covered vehicle deductible in a road rage occurrence. $100,000 for medical expenses. $50,000 for psychiatric services. $15,000 for rest and recuperation expenses. $30,000 for lost salary. $5,000 for non-refundable travel expenses. Increase coverage for Residential Security Expenses incurred as a result of a stalking threat or home invasion. Home Invasion Coverage Stalking Threat Coverage $3,000 $7,500 1 Condominium and Cooperative Preference are available in CA, IL, MA and NY. 2 Additional Living Expenses are capped in AL, CA, FL, HI, LA, MS, SC, UT, WA and WY. 3 Fine Art Expenses Defective Title coverage is not available to NY policyholders. 4 Masterpiece Family Protection accidental death and dismemberment (AD&D) benefits are not available to CO, IN, LA, MO, NH, NJ and NY policyholders. 5 Masterpiece Family Protection Carjacking coverage is not available to FL policyholders.

7 Chubb, Box 1615, Warren, NJ Chubb refers to the insurers of the Chubb Group of Insurance Companies. Chubb Personal Insurance (CPI) is the personal lines property and casualty strategic business unit of Chubb & Son, a division of Federal Insurance Company, as manager and/or agent for the insurers of the Chubb Group of Insurance Companies. The coverages described are not available in all jurisdictions. This literature is descriptive only. Actual coverage is subject to the language of the policies as issued. Form (Rev. 9/08)