Masterpiece Indicative Quotes
There’s no better way to save time when looking to obtain a Masterpiece quotation for your successful individuals and families, than utilising the indicative quote process via the Sunrise platform.
To ensure faster turnaround times for our brokers when requesting a Masterpiece quotation, you will now first receive an indicative quote1. You can then determine if you’d like to proceed to a formal bindable quotation.
When requesting a Masterpiece quotation in Sunrise, you'll be asked to complete the indicative quotation process and in less than a minute you'll receive an indicative premium. The benefits include:
- Minimal data entry
- No referrals to underwriters required
- Indicative pricing is displayed immediately and generally within a 10% range of binding premium2
- Ability to proceed to full binding quotation with no re-keying data3
Auto-Decline Quotes
Auto-decline rules are now applicable for certain quotes that clearly fall outside Chubb’s appetite. For example where a building sum insured is less than $1.5 million, or is at an unacceptable location or has an unacceptable claims history. When an auto-decline rule applies, you’ll receive an immediate response as opposed to having to wait for underwriters to review the account.
Masterpiece Minimum Sums Insured
Following the rise in building costs over the last few years, we have updated the minimum sums insured for the primary home for Masterpiece new business and mid-term adjustments as follows:
- The minimum building sum insured for the primary home is now $1,500,000
- The minimum contents sum insured for the primary home is now $300,0004
Updates to Underwriting Guidelines
We’ve recently updated our underwriting guidelines to include increased deductibles, contents ratios and appraisal thresholds to reflect inflationary trends.
Please refer to Chubb's updated Masterpiece Target Market Determination (TMD) that accounts for these changes.
Insights into pricing
Understanding the key factors driving insurance prices is crucial for both clients and insurance professionals. This fact sheet not only provides a reliable source of information but also serves as a useful tool for initiating transparent and informed conversations with clients.
1. An indactive quote is a preliminary indication only of what the premium may be based on limited data input. All bindable quotes are subject to a formal application and full quotation.
2. Based on nil claims and subject to full underwriting risk details and assessment.
3. With exception of additional risk information required by the system including claims history.
4. Will vary depending on the building sum insured requested i.e. the higher the building sum insured, the higher the minimum contents sum insured required.