Building on strong foundations

building_strong_foundations

Building on strong foundations

Renovating a property can be hugely rewarding, both personally and financially. Whether it’s altering the internal footprint of a building to enhance its layout, or building large extensions to accommodate car collections or other passion assets, the whole process is not without its risks.

Chubb’s construction policy can easily be added to an existing household policy and is one way to help alleviate the stresses and strains of property renovations. Designed specifically for our high net worth clients, the cover provides the perfect solution to insuring a property for the specific risks associated with alterations, renovations and extensions. We can even cover the construction of completely new buildings on a clients’ land.

As well as covering damage to any existing buildings listed on the schedule while the project is underway, the policy also extends to paying the costs for temporary repairs following damage to allow work on the project to continue. Any hold up in the building schedule can impact financially whilst causing undue stress to the policyholder and their family.

When it comes to building materials, we provide protection against damage caused by defective design and workmanship and will even cover damage to the actual materials whilst building work is underway.

So how does the policy work?

Case study:
An existing Masterpiece customer renovated a Grade II listed property and refurbished various outbuildings on the same estate. The project included the construction of a pedestrian feature bridge over an adjacent river and significant external landscaping work.

  • Contract value of the works: £4m
  • Main house sum insured: £1.1m

Chubb was able to provide cover for contract materials whilst on site without an inner limit or a security warranty. A claim is still valid if the home owner or the contractor fails to set intruder alarms or other security devices when the property is unattended. Chubb also provides cover for subsidence, landslip or heave – common market exclusions – including any damage to the structure of the bridge caused by riverbank erosion.

We’ll work with you and your client to really understand the building project and design the most appropriate programme of cover without the usual warranties associated with this type of cover.

Read and share! Find out more about the steps your clients can take to help prevent a claim occurring during property renovations.

To find out more about our construction policy or to discuss a specific case, please contact Alan Gorman.

Securing true peace of mind

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It’s an apparent paradox – more affluent homes have greater security, yet the potential for burglars to enter a property may be greater owing to the actions of the homeowner themselves.

Securing true peace of mind
A view from Tara Parchment. Vice President, Personal Risk Services, UK and Ireland

Tara Parchment.
‘It chose me!,’ Parchment says when asked how she had started her insurance career. But after twenty years of working for Chubb, she is still enthused by her role and has no regrets in building a strong career in the industry.

A view from Tara Parchment. Vice President, Personal Risk Services, UK and Ireland
Chubb’s Attack and Salvage plan

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Contingency planning is vital in minimising the potential for disaster. We believe our job is as much about the protection of our client’s irreplaceable assets as the compensation for their loss.

Chubb’s Attack and Salvage plan
What’s in a claim: bringing our claims service to life

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When arranging insurance, your high net worth clients are buying a promise. A promise that the policy will respond in the right way when they make a claim.

What’s in a claim: bringing our claims service to life
About Chubb

Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.

The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.