TORONTO, ONTARIO -- (Marketwired) -- 08/26/13 -- Chubb Insurance Company of Canada announced that its Canadian Masterpiece® personal insurance customers can now customize their policies by selecting from a broad range of enhanced products and new optional coverages. The expanded offerings are part of Chubb's focus on providing increasingly customized solutions for customers.
"Our new market-leading coverage enhancements and options provide new and existing customers with more choice, so they can decide on the insurance that best fits their specific needs," said Paul Johnstone, senior vice president and personal insurance zone manager of Chubb Insurance Company of Canada.
Chubb has added new coverages to its Masterpiece® Valuable Articles policy for jewellery and fine art on loan or consignment. It also has expanded works in progress coverage to include jewellery items, with limits up to $100,000 for supplies, labour and non-recoverable deposits. In addition, blanket limits have been increased to $50,000 per item for jewellery, fine arts, stamps, coins and collectibles and $5,000 per bottle for wine.
For customers who use a Masterpiece® Personal and Excess Liability policy to provide primary rental car coverage, Chubb has increased the rental or loan period to up to 60 days.
In response to rising condominium and homeowner association deductibles, Chubb has increased the coverage for unit assessments to $25,000 in all provinces, with the option to buy limits up to $100,000.
As an option, Chubb also offers equipment breakdown coverage to help customers cover the costs when air conditioning systems, refrigerators, hot water heaters, entertainment systems and other household equipment need to be repaired. The coverage also provides unlimited additional living expenses when an equipment breakdown causes the insured to temporarily relocate to another residence, equipment rental expenses, and food and wine spoilage coverage. Customizable limits start at $100,000.
Chubb also has increased its maximum total for superior protection credits to 15% for highly protected homes. Customers with permanently installed, electrical power backup generators that service heat, lighting, alarm and sprinkler systems now can earn a 5% credit. Credits also apply to centrally-monitored fire and burglar alarm systems with 24-hour signal continuity protection; full-time, live-in caretakers such as a nanny; and temperature monitoring systems.
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for its financial strength, underwriting and loss-control expertise, outstanding claim service, and tailoring their products to the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments.
The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Montreal, Vancouver and Calgary and provides its products and services through licensed insurance brokers across Canada.
(416) 967-9500 ext. 316
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