Chubb launches single property insurance policy

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

The MasterPackage solution comes as the firm continues to expand its offering in the market segment.

MasterPackage is designed to meet the needs of UKI business with domestic and/or international operations and a turnover of £2 million-500 million ($2.9 million-$721.7 million).

It responds to feedback from Chubb’s national and regional broker panels requesting comprehensive, warranty-free cover in a single, easy to navigate policy document and includes a range of new extensions with meaningful limits for risks such as data breach and cyber attacks (£100,000), crisis response (£100,000), loss of attraction (£100,000), and unspecified locations (£100,000).

The policy also includes cover for five priority risk areas: property damage, business interruption, terrorism (Pool Re and overseas), employers’ liability and public and product liability, as well as additional cover for the Chubb Basket risks, which include event cancellation, marine cargo, abduction and extortion, commercial employee fidelity and impairment of computer services.

Also included is increased limits for undamaged tenants improvements and betterments (£250,000), property stored (£250,000) and reinstatement to match (£50,000), along with cover for customer goods as standard and cover for claims preparation costs (£50,000 for any one claim, £100,000 for any one period of insurance).

Alex Forrest, package manager, UK and Ireland for Chubb, said: “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.

“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.”