All questions submitted during Chubb's Loss Prevention webinar have been answered below. If you would like any further information, please don't hesitate to contact us.
A. HomeScan is a free service offered to our Signature policyholders and it is not generally provided to Masterpiece clients. Should you specifically request a HomeScan inspection for a Masterpiece client, this is something we would consider based on the individual circumstances and the length of time the client has been with Chubb. If we agreed to provide HomeScan for a Masterpiece client, we would not charge for this service.
A. When the home appraisal is undertaken and the replacement cost is determined to be above the current house sum insured, we will automatically increase the sum insured to the replacement cost. If the client does not accept this increase and therefore is not prepared to insure their home for the correct value, we will remove the Extended Replacement Cost coverage and limit the cover for the house to the stated sum insured. At renewal, terms will only be provided based on the correct replacement cost for the house including any indexation factor, with Extended Replacement Cost applying.
A. Yes, most certainly. We encourage this type of engagement prior to larger homes being placed with Chubb. Simply reach out to your underwriter and they can co-ordinate with the Risk Consulting team. This may have to be conducted virtually, depending on the location.
A. If an apartment has an individual water main meter, then yes you can turn the water supply off to the apartment. The water main meter is likely to be either within the apartment itself or in a common area where the water mains enters the building complex. If the building has one water main meter servicing all apartments, then you may not be able to isolate the water supply to the individual apartment. Another thing to consider is installing a water shut-off device to the hot water system if this is located inside the apartment. Some of the devices that are available on the market are the Aquatrip Beaver and Plumbspec Mildred. These can be installed by a licensed plumber.
A. You can find the relevant Little Black Book for your state by scrolling to the bottom of this page.
A. No, we would not consider this as a general rule. It is the client's responsibility to mitigate loss to their home. We simply provide the appropriate advice . We may consider providing a premium discount though if the client can clearly demonstrate that they have significantly reduced the risk of a water damage loss.
A. Chubb continues to monitor residential construction costs and undertakes regular reviews of construction cost movement. This information is used to develop and update our construction cost matrix which we use in the establishment of the building sum insured for the policy. In addition Chubb applies indexation to building sums insured annually and the rates used consider construction cost fluctuations over the 12 month period of time. A key benefit of the Masterpiece policy is Extended Replacement Cost protection for the home. This provides protection in the event of larger fluctuations in construction costs and ensures that the client will not be under insured in the event of a total loss to the home.
A. There have been a number of interesting items that we have had to value over the years, it's hard to limit to one so here are a few: bowling alleys, squash courts, gold class cinemas, a heritage listed pipe organ, a home observatory and a bath in the shape of a stiletto shoe.
A. A Signature policy is provided when the base premium for the policy is greater than $10k.
A. Yes, if the base premium exceeds $10k at renewal, the client will be upgraded to a Signature policy.
A. We aim to conduct the home appraisal within 60 days from the closing being received, subject to us receiving contact details for the client and the client's availability.
A. Assuming this is a new Signature policy, simply send an email to your underwriter notiyfing us and provide us with the client’s name, address and contacts details. We will then arrange for Aquatrip to make contact with the client.
A. The Aquatrip water shut-off device can be sourced directly from Aquatrip. Aquatrip offers Chubb Insureds a 10% discount off the price of the product when purchased directly from them. Aquatrip has an Australia wide network of licensed plumbers who are authorised installers and who can be engaged to install the purchased device.
This content is brought to you by Chubb Insurance Australia Limited (“Chubb”) as a convenience to readers and is not intended to constitute advice (professional or otherwise) or recommendations upon which a reader may rely. Any references to insurance cover are general in nature only and may not suit your particular circumstances. Chubb does not take into account your personal objectives, financial situation or needs and any insurance cover referred to is subject to the terms, conditions and exclusions set out in the relevant policy wording. Please obtain and read carefully the relevant insurance policy before deciding to acquire any insurance product. A policy wording can be obtained at www.chubb.com/au, through your broker or by contacting any of the Chubb offices. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content. Readers relying on any content do so at their own risk. It is the responsibility of the reader to evaluate the quality and accuracy of the content. Reference in this content (if any) to any specific commercial product, process, or service, and links from this content to other third party websites, do not constitute or imply an endorsement or recommendation by Chubb and shall not be used for advertising or service/product endorsement purposes. ©2020 Chubb Insurance Australia Limited ABN: 23 001 642 020 AFSL: 239687. Chubb®, its logos, and Chubb.Insured.SM are protected trademarks of Chubb.
Contact a broker today.