Summary of Policy Changes

Summary of Policy Changes

A summary of the changes to the Masterpiece policy is listed below. This is not an exhaustive list of the changes made and does not form part of the Masterpiece Policy.

For full details of the terms, conditions and exclusions, it is important that You read the Masterpiece Policy Wording document carefully.

Throughout the Masterpiece policy, there have been numerous amendments to clarify the wording. Defined terms have been capitalised throughout the Masterpiece policy for consistency. Also some terminology has been changed to better reflect current Singapore terminology. In addition to these general amendments, specific changes noted below have been made.

Introduction

  • The definition of Family Member has been broadened to include a student under 25 who is a member of Your household and in Your care, who and is temporarily away at school.

Deluxe House Coverage

  • The definitions of House and Reconstruction Cost have been clarified.
  • The explanation of Deductible is amended to clarify that in the event of a Covered Loss under more than one coverage in the Policy Wording, the Deductible will be applied only once.
  • The payment basis of conditional replacement cost has been removed from the Policy Wording.
  • An Extra Coverage has been added for installation of a Water leak detection and control system following certain Covered Losses.
  • An Extra Coverage for Unlimited trace and access has been added. This clarifies that We will cover the cost of removing and replacing any part of Your House or other permanent structure necessary to repair Your household heating, cooking or water system if water, gas or oil escapes from them.

Deluxe Contents Coverage

  • The explanation of Deductible is amended to clarify that in the event of a Covered Loss under more than one coverage in the Policy Wording, the Deductible will be applied only once.
  • Where the Policy covers a Residence where You are a tenant or a unit owner, then an Extra Coverage for installation of a Water leak detection and control system following certain Covered Losses has been added.
  • Where the Policy covers a Residence where You are a tenant or a unit owner, an Extra Coverage for unlimited trace and access has been added. This clarifies that We will cover the cost of removing and replacing any part of Your Additions and Alterations necessary to repair Your household heating, cooking or water system if water, gas or oil escapes from them.
  • The limit in the Extra Coverage for Additions and Alterations has been increased from 10% to 25% of the Contents Sum insured.
  • The limit in the Extra Coverage for newly acquired Contents has been increased from 20% to 25% of the Contents Sum insured.
  • The limit in the Special Limits for Contents has been increased for Legal Tender, Jewelry, Precious Metals, Collectible Stamps, Wine and Fine Art.
  • The limit in the Extra Coverage for Food Spoilage has been increased from $750 to $10,000.
  • The limit in the Extra Coverage for Lock Replacement has been increased from $2,500 to $5,000.

Valuable Articles Coverage

  • If an itemised Valuable article has increased in value and the market value of the item at the time of a Covered Loss exceeds the Sum insured, the payment basis will be extended Replacement Cost as long as You can provide valuations for fine art which are less than 3 years old, or valuations for other itemised valuable articles that are less than 2 years old.
  • The list of categories which are eligible for blanket coverage is extended to include collectibles. A new Special exclusion for collectibles has been added which excludes among other things fading. temperature extremes. cleaning and repairing and use other than as a collectible.
  • The definition Jewellery have been clarified.
  • The coverage for wine spoiled by temperature change which is caused by power interruption or mechanical breakdown is extended to include wine which is away from the Residence.
  • A new extra coverage has been added for jewellery works in progress.
  • The extra coverage for defective title is extended to cover both defective title and defective title legal expenses.

If you would like to find out more or if you have any questions please don’t hesitate to contact our Personal Risk Services team at sng.masterpiece@chubb.com.

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