Enhanced Policies Respond to Growing Need for Multinational Insurance
WARREN, NJ, August 1, 2006 - The Chubb Group of Insurance Companies has enhanced its World Network and Exporters Package Portfolio policies to better serve U.S.-based businesses with multinational operations.
The policy enhancements reflect the changing nature of risk worldwide and include new property insurance features. In addition,
WorldNet and ExPac incorporate Chubb's updated International Property forms, which include many of the features from the Customarq property product.
"Today, more than ever, going global is not an option for many U.S.-based businesses. Whether they expand abroad to achieve
lower cost production or to serve customers in emerging markets, our customers need to have a custom-tailored insurance solution,"
said Kathleen Ellis, a senior vice president at Chubb and manager of Chubb's Multinational Risk Group. "These customers need
local insurance policies and services provided by a well-connected, owned network that can respond to their needs."
WorldNet is for multinational businesses with bricks-and-mortar operations outside the United States. ExPac is for emerging multinational companies that have goods, services or people traveling outside the United States.
WorldNet offers six key insurance components: property, business income, general liability, auto liability, crime and foreign voluntary
workers compensation. New WorldNet property insurance features include:
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A modular format that makes it easy to select among several property and business income coverages to meet each company's
insurance requirements;
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A $500,000 blanket limit of insurance for 12 select property coverages at each scheduled premise, enabling companies to use
their insurance dollars where needed most following a loss. These coverages include: electronic data processing (EDP) property;
accounts receivable; valuable papers; fine arts; and personal property of employees;
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Impairment of computer services/malicious programming insurance that addresses emerging first-party exposures presented by
the Internet and companies' increasing reliance on electronic information;
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Business income/extra expense or gross profits/extra expense insurance, depending on the type of insurance afforded by the
local contract; and
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Coinsurance deficiency and currency devaluation up to full policy limits.
"For any business with bricks-and-mortar locations throughout the world, it can be a daunting task to ensure that each property
is adequately protected," Ellis said. "Building codes, sprinkler systems and public fire protection can vary widely from country
to country. Catastrophic exposures also vary-some areas of the world are high risks for earthquakes, wildfires or windstorm.
Chubb's WorldNet is designed to offer global businesses international protection in a single policy that takes into account the different
exposures around the world."
ExPac offers 11 different insurance modules, ranging from property and liability to kidnap/ransom and ocean cargo. New ExPac property features include:
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Multiple property contracts that provide flexible insurance protection for laptop computers, sales samples and personal property
at trade shows;
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Expanded electronic data processing (EDP) property definitions for personal digital assistants, pagers and other hand-held
communication devices; and
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A single, streamlined contract that can include accounts receivable, money and securities, fine arts and valuable papers insurance.
Chubb has owned operations in 28 countries, long-standing affiliate relationships with local insurance companies in the countries
where it does not have owned operations and a network of correspondent agents and brokers to support international insurance
needs.
For more information on WorldNet and ExPac, visit Chubb's Web site at www.chubb.com/businesses/cci/chubb3748.pdf or www.chubb.com/businesses/cci/chubb1151.pdf.
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 8,000 independent agents and brokers. Chubb's
global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.
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