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Chubb Enhances Insurance Package for Cultural Institutions

WARREN, NJ, November 16, 2010 – The Chubb Group of Insurance Companies has expanded the features available under its Customarq for Cultural Institutions package policy. The policy is available to not-for-profit cultural institutions, including botanical gardens, museums, aquariums and libraries.

The enhanced package policy brings together liability insurance with new property insurance options. The automatic blanket limit for select property, such as valuable papers and employees’ personal property, has been increased from $250,000 to $500,000 with an option to purchase higher limits; smaller institutions can opt for a $250,000 limit. A new property and business income module now responds to loss or damage to collections; exhibit water; trees, shrubs, plants, lawns or topiary; dams, dikes and retaining walls; and paved or concrete surfaces. The module also provides customized property valuation for historic buildings and collections.

In addition, the new package expands the definition of “collections” to recognize the unique array of items that are of artistic, cultural, educational, historic or scientific significance or value. Endorsements allow cultural institutions to add insurance protection for green property upgrades, builders’ risk, abuse or molestation liability, liquor liability and other property and liability coverages.

"Chubb has provided insurance protection to cultural institutions for more than 50 years. Our updated Customarq for Cultural Institutions package policy reflects the new and unique exposures cultural institutions must manage,” said Maureen Waterbury, vice president and cultural institutions segment manager for Chubb Commercial Insurance. “The variety of options we offer enable these institutions to create an insurance program customized to their own risk needs.”

Chubb also offers cultural institutions directors and officers liability, employment practices liability, fiduciary liability, umbrella and excess liability, automobile and workers compensation insurance.

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 throughout North America, Europe, Latin America, Asia and Australia.