Chubb Introduces Home Invasion Coverage in New York
WARREN, NJ, February 11, 2007 - The Chubb Group of Insurance Companies has begun to offer Masterpiece® Family ProtectionSM to its homeowners policyholders in New York. Family Protection can help defray a broad range of expenses if a policyholder
or covered relative is the victim of a covered home invasion, child abduction, car jacking or stalking threat that occurs
almost anywhere in the world.
Launched in several states in June 2001, Chubb was unable to offer the product in New York until a law was passed to recognize
this unique form of insurance. Legislation sponsored by Assemblyman Michael Cusick (D-Staten Island) and Senator James Seward
(R-Oneonta) amended the state Insurance Law's definition of burglary and theft insurance, thereby giving New Yorkers access
to these coverages.
Now available in 44 states and the District of Columbia, the insurance reimburses the policyholder up to specified limits
for various expenses, including lost wages, fees for medical and psychiatric services, professional security consultants and
security guards, and the cost of recuperation, improving household security and temporarily relocating one's residence. Masterpiece
Family Protection covers the policyholder, his or her spouse and dependent children. Under certain circumstances, other relatives,
household guests and unrelated passengers in a policyholder's vehicle are also covered for one or more of the insured perils.
Depending on the type and severity of covered loss, the policy provides up to $300,000 in coverage. The product costs $110
a year in New York.
"Unfortunately, stories about home invasion in particular appear to be spreading across both geography and demographic segments.
While the U.S. Department of Justice does not track home-invasion events specifically, in 2006 there were nearly 1.2 million
cases of forcible or unlawful entry into U.S. residences," said Peter Spicer, vice president, Chubb & Son, and new product
manager, Chubb Personal Insurance. "Tens of thousands of Chubb customers around the country have purchased the coverage. Should
they or their family members fall victim to these crimes, Family Protection will help minimize financial concerns at a time
of emotional trauma in the household."
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 through 8,500 independent brokers worldwide. Chubb's global network
includes branches and affiliates in North America, Europe, Latin America, Asia and Australia. Chubb is a worldwide leader
in insuring fine homes, automobiles, yachts, antiques and other collectibles, and personal liability. Additional information
on Chubb can be found on the Internet at www.chubb.com/personal.
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