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Chubb has launched a comprehensive single property and liability package insurance policy for middle market businesses in the UK and Ireland.

“MasterPackage” is designed to meet the needs of UKI business with domestic and/or international operations and a turnover of 拢2 million-拢500 million ($2.9 million-$726.2 million).

Chubb said the product responds to feedback received from its national and regional broker panels who requested comprehensive, warranty-free cover in a single, easy-to-navigate policy document.

MasterPackage includes a range of new extensions with “meaningful limits for risks,” such as data breach and cyber attacks (拢100,000, crisis response (拢100,000), loss of attraction (拢100,000), and unspecified locations (拢100,000), Chubb added.

Other key benefits include:

• Cover for five priority risk areas, namely property damage, business interruption, terrorism, employers’ liability and public and product liability.
• Additional cover for the Chubb basket risks which include event cancellation, marine cargo, abduction and extortion, commercial employee fidelity and impairment of computer services.
• Increased limits for undamaged tenants’ improvements and betterments (拢250,000), property stored (拢250,000) and reinstatement to match (拢50,000).
• Cover for customer goods as standard.
• Cover for claims preparation costs (拢50,000 for any one claim, 拢100,000 for any one period of insurance).
• Insurance Act compliant policy.
• Flexibility to tailor terms and conditions as well as limits to meet specific client needs.

“MasterPackage exemplifies our focus on clarity, transparency and simplicity as well as our commitment to listen carefully and adapt our products to the feedback we get from our brokers and clients,” said Alex Forrest, Package Manager, UK and Ireland for Chubb.

“Our new, warranty and condition precedent-free policy provides our clients with the comprehensive cover they demand and deserve while eliminating the jargon they so often find frustrating and time-consuming,” he added.

Source: Chubb

Topics Commercial Lines Business Insurance Chubb