CondominiumEnhanced insurance protection… no matter where you call home.
Chubb Personal Insurance
Chubb’s Masterpiece Condominium policy offers coverage that suits your lifestyle, combined with service that consistently
gets high marks. The Condominium policy complements the insurance purchased by your condominium corporation and offers broader protection than
you’ll find in most other policies:
- Chubb’s approach to claims. In life, anything can happen – and usually does. Unfortunately, you never know how good your insurance policy is until
you have to make a claim. By then, it may be too late. At Chubb, we recognize a moral obligation, as well as a contractual
responsibility, to every client. We are guided by a claims settlement philosophy that was established with the company’s
founding in 1882: Treat every customer the way we would like to be treated if we experienced the same loss – with integrity,
empathy, promptness, expertise and fairness.
- Full replacement costs for contents. Your home contents, from sporting equipment to antique furniture, are covered for the cost to replace them, including applicable
taxes. There are no deductions and no depreciation, and you are not required to replace an item that is lost, stolen or damaged;
you can choose a cash settlement instead.
- Additions and alterations. Chubb’s Masterpiece Condominium coverage provides for upgrades and improvements made to the fixtures and fittings within
the unit, such as remodeled kitchens, enhanced mouldings and upgraded flooring. Chubb automatically provides 50% of your
contents limit for additions and alterations with the option to increase or decrease this amount of coverage at any time.
- Coverage for your contents away from your condominium unit. Many condo owners have contents, including wine collections, in storage at a location away from their condo unit. With
Chubb, you automatically have 20% of your condominium contents limit extended to contents kept at any other location you live
at, rent or own.
- Rental Car Coverage. Many condo owners in the city choose not to own a car. With Chubb Masterpiece Condominium, any damages caused as a result
of an accident in a rented or borrowed vehicle will be covered if you don’t own a car yourself. If you do own a vehicle,
rental car coverage is available through Chubb’s Excess Liability coverage. Unlike other insurance companies or credit card
companies, Chubb will cover all costs associated with a rental car accident, up to your policy limit, including original manufacturer
replacement parts for the vehicle, rental to be paid by you while the vehicle is being repaired, and any applicable deductibles.
- Identity Fraud Coverage. Your condominium building may have a shared garbage and recycling room. If it does, one day you may forget to shred your
financial documents before recycling or disposing of them. Or you may use a wireless router for your condominium internet
service that a hacker is able to access. Either way, you may find yourself the victim of identity fraud. Chubb’s Masterpiece
Condominium coverage supplies enhanced protection for some of the increased hazards of living in close proximity to your neighbours,
automatically providing up to $25,000 for identity fraud expenses.
- Coverage for Unit Assessments and Master Policy Contingent . Prior to you moving into your condominium unit, your building may have had a history of water damage claims. In situations
like these, some condominium corporations have been forced to take very high water damage deductibles (over $100,000) or proceed
without water damage coverage entirely. If you are faced with this situation, and a water damage occurs, you may be subject
to a unit assessment when the condominium corporation spreads out the costs resulting from a loss to the building. Chubb
Masterpiece Condominium automatically provides you with an additional layer of protection for your unit. Chubb covers 250%
of your contents limit for your share of an assessment to all condominium owners and up to $10,000 is included for unit assessments
of your condominium corporation’s deductible.
- Additional living expenses. After a covered loss, Chubb will cover the increase in your temporary living expenses while your condominium unit is being
rebuilt. Typical policies limit this coverage to a small percentage of what you’ve insured your contents for – often leaving
you without enough insurance. Under Chubb’s Masterpiece Condominium, additional living expenses coverage is unlimited.
Masterpiece Condominium offers enhanced protection beyond what most other insurers offer. We provide flexibility in the type
and amount of coverage, as well as options for deductibles and discounts on your policy.