Chubb Introduces a Group Personal Excess Liability Insurance Program
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Chubb Introduces a Group Personal Excess Liability Insurance Program WARREN,
N.J., Sept. 28 WARREN, N.J., Sept. 28 /PRNewswire/ -- The Chubb Group of
Insurance Companies has introduced a group personal excess liability
insurance program in New Jersey, Pennsylvania and Michigan. The program,
which soon will be rolled out in Connecticut and then elsewhere around the
nation, may be offered through corporate employee benefit programs, as well
as to the members of family offices, law, accounting and other professional
firms.
The program provides a cost effective way for an individual to purchase an
excess personal liability policy with limits up to $50 million. Personal
excess, sometimes referred to as umbrella insurance, affords additional
liability protection beyond the coverage included in automobile and
homeowners policies.
"There continues to be a large untapped market for personal excess liability
insurance. Many people do not realize that they are significantly
under-insured in regard to liability in our ever more highly litigious
society. For many affluent individuals, even $2 million or $3 million in
coverage is no longer enough," said Peter Spicer, vice president, Chubb &
Son, and new product manager, Chubb Personal Insurance. "We hope that our
new group personal excess program will increase awareness of the problem and
help fill gaps in protection."
Chubb's personal excess liability policy is broader than many comparable
products. In addition to covering bodily injury, it includes coverage for
personal injury claims such as libel and slander -- risks that have become
more prevalent in the Internet age. Another key policy feature is
reputational injury coverage, which would help pay for public relations and
other expenses to minimize the damage a lawsuit may inflict on a customer's
reputation. The policy's shadow defense coverage would help cover the
expense of hiring one's own attorney to monitor the claims process. Other
coverages include identity fraud and kidnap expenses. Employment practices
liability coverage, which covers allegations of wrongful employment acts by
residential staff, is available as a policy endorsement.
Spicer highlighted the fact that defense costs do not erode the policy's
limit. "This is especially important because defense costs in a personal
liability lawsuit can run into hundreds of thousands of dollars," he said.
The member insurers of the Chubb Group of Insurance Companies form a
multi-billion dollar organization providing property and casualty insurance
for personal and commercial customers worldwide through 8,500 independent
agents and brokers. Chubb's global network includes branches and affiliates
in North America, Europe, Latin America, Asia and Australia. Chubb is a
worldwide leader in insuring fine homes, automobiles, yachts, antiques and
other collectibles, and personal liability. Additional information on Chubb
can be found at www.chubb.com/personal.
SOURCE Chubb Group of Insurance Companies
CONTACT: Mark Schussel, of Chubb Group of Insurance Companies,
+1-908-903-2107, msch...@chubb.com
Copyright © 2007 PR Newswire WARREN, N.J., Sept. 28 /PRNewswire/ -- The
Chubb Group of Insurance Companies has introduced a group personal excess
liability insurance program in New Jersey, Pennsylvania and Michigan.