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Some clients may never find themselves in a claim situation, so have never tested the mettle of their policy. How do they know what the Chubb response would be?

When arranging their 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

When arranging their 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. Some clients may never find themselves in that situation, so have never tested the mettle of their policy. How do they know what the Chubb response would be? Read on to find out more about how our product and claims proposition responds in the real world.

Restoring a classic

A client’s classic car collection included a 1962 Porsche 356B Twin Grille that he bought some years ago and has lovingly restored.

On the way to a wedding the 356 was hit by a lorry coming out of a side turning. Fortunately, no one was hurt but the damage was extensive.

How did Chubb respond?

We chauffeured the client and his wife to the wedding, then took the car to the garage of his choice, one that he always used and trusted. The repairs were estimated at just shy of £70,000. Most insurers would insist on writing-off a car if its repair cost exceeds a certain percentage of its value. Chubb prides itself on being more flexible.

We did offer the option of a £100,000 agreed value cash payment. However, because of the car’s sentimental value, the client chose to have the vehicle repaired. In view of the size of the claim we classified it as a total loss, so there was no excess to pay. Furthermore, we will often pay beyond the agreed value to get a vehicle back on the road. We also have introduced Diminution in Value as standard in our motor policy. This means that any cars over 15 years old with partial damages can be compensated for any subsequent loss in value.

For this repair, we insisted on original manufacturer parts, where possible, including panels. The car was repaired and returned in perfect order.

How might other insurers respond?

The 356 would probably be declared a write-off, and the client offered so-called ‘market value’ – likely to be less than £100,000 – minus an excess. It would be unlikely for the insurer to offer to repair and even less likely that the client would be given the opportunity to select the craftsperson. Overall, the Chubb response was flexible and bespoke to the client, an approach which is at the cornerstone of our proposition

A timely response

A Masterpiece policyholder lost a vintage Rolex watch whilst out sailing. The watch was of huge sentimental value as it belonged to his father. Its value was calculated in more than simply financial worth and the claim scenario needed a creative solution.

How did Chubb respond?

Understanding this, we offered to send out a diver to see if it could be located, a slightly unusual approach but we needed to go that extra mile. Luckily, visibility was good and the watch was found.

If it had not been recovered, we would have paid the agreed value of £35k with no deduction – letting the watch be replaced, or not, as the policyholder wished.

But thankfully and to the great delight of the client, the watch was recovered and any damage repaired, meaning the item which carried so much sentimental value was kept in the family for future generations to enjoy.

How might other insurers respond?

With a standard insurance policy there would have been no attempt to recover the watch, despite its sentimental value. Instead, the insurer would simply have offered the trade price of around £28k, less any excess. This would leave a shortfall of over £7k when compared to the Chubb approach of agreeing and retaining the market value upfront.