Insurer launches warranty-free commercial package product
Chubb Insurance today announced the launch of its new MasterPackage commercial policy, which it says is designed to address the commercial insurance needs of customers in one contract.
Chubb says it has made more than 50 improvements to its existing product.
In developing the new MasterPackage, Chubb says it conducted extensive market research to identify what brokers and clients were expecting from an insurer.
The number one concern identified was the inclusion of warranties which can have potentially disastrous consequences for an Insured.
Chubb's new MasterPackage policy is completely warranty free. Chubb also undertook a rigorous competitor analysis.
The advantages of MasterPackage are:
- No Condition of average
- No Business Description
- No warranties
- Full theft cover
- Wide ensuing damage
- Cover for the additional cost of Energy Efficient Buildings
- Non pool terrorism cover
- Cover for Electronic Data including Hacking
- The Chubbflex concept; a unique £500,000 flexible loss limit
Gary Bryant, Director at H W Wood, said: “A key aspect from the client’s perspective is that there are no surprises in the policy if a claim arises. The warranty free element of the new policy will be a strong selling point. Coupled with the breadth of cover offered, Chubb’s MasterPackage policy is quite clearly raising the bar.”
Graham Medcalf, Package Practice Leader at Chubb Insurance, said: “In a marketplace trending towards greater standardization of cover we have taken the opportunity to establish distinct value in our MasterPackage policy. We are confident it absolutely supports brokers in satisfying the needs and demands of clients.”
The new MasterPackage product is available from 1st January 2008.
