Anticipating Growth in Shipping, Chubb Unveils New Online Portal and Insurance Policy
WARREN, NJ, March 7, 2007 - Businesses of all sizes are now looking overseas to buy and sell products. To help its commercial customers manage the
shipment of goods around the world, the Chubb Group of Insurance Companies has released a new ocean cargo policy and launched
CargoPort, an online system that enables businesses to view their policies, submit claims and monitor shipping activities.
"Today, U.S. international trade approaches $2 trillion, and the U.S. Chamber of Commerce predicts that figure will double
by 2020," said Terry D. Montgomery, vice president at Chubb & Son and ocean marine manager at Chubb Commercial Insurance.
"That's why we created a new ocean cargo policy and online portal to help businesses manage their cargo shipments around the
clock and around the world."
CargoPort is available through @chubb, Chubb's secure Internet site for agents, brokers and customers. It makes it easier to generate
cargo insurance certificates and management reports and offers several new capabilities, including:
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automated reporting of shipment/storage declarations;
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electronic submission of first notices of loss;
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automated vessel verification and OFAC searches; and
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online review and printing of invoice details.
Chubb's new easy-to-read ocean cargo insurance policy includes a summary declarations page and simplified rate schedule. Coverage
applies to salesperson samples while in transit or at sales visits and props, sets and materials while in transit, storage,
awaiting exhibition or in exhibition. The policy also includes several coverages previously available only by endorsement:
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Difference in Conditions-Extends insurance to shipments inadequately insured by the party required to insure pursuant to the
terms of sale;
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Export Contingency-Protects the seller if there is a loss during ocean transport and the buyer's insurance does not respond
or the buyer refuses to pay;
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FOB, FAS, FCA-Extends insurance to the portion of a trip that the insured is responsible for under international standard
terms of sale; and
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Import Duty-Reimburses the importer for import taxes that must be paid pursuant to the terms of sale, if the items are damaged
while in transit.
In addition, insurance for inland transit of domestic and worldwide shipments is now available as an endorsement, rather than
as a separate policy.
"Chubb's ocean cargo customers wanted a policy that was broader and easier to understand, so we responded with insurance that
offers protection against many of the exposures they face," Montgomery said.
The new policy and CargoPort are now available in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington
and Wyoming. They will be rolled out to the rest of the United States and Canada in the summer.
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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