Chubb Offers New Yorkers and Californians Personal Excess Liability Protection
WARREN, NJ, December 3, 2007--The Chubb Group of Insurance Companies has introduced its group personal excess liability insurance program in New York and
California as part of a continuing nationwide rollout.
The insurance is available through corporate employee benefit programs, as well as to the members of family offices and law,
accounting and other professional firms, in California, Connecticut, Georgia, Michigan, New Jersey, Pennsylvania and Wisconsin.
In New York, the insurance is offered through employer groups only.
Chubb's program provides a cost-effective way for an individual to purchase an excess personal liability policy with limits
up to $50 million. Personal excess, sometimes referred to as umbrella insurance, affords additional liability protection
beyond the coverage included in automobile and homeowners policies.
"There continues to be a large untapped market for personal excess liability insurance. Many people do not realize that they
are significantly under-insured in regard to liability in our ever more highly litigious society. For many affluent individuals,
even $2 million or $3 million in coverage is no longer enough," said Peter Spicer, vice president, Chubb & Son, and new product
manager, Chubb Personal Insurance. "We hope that our new group personal excess program will increase awareness of the problem
and help fill gaps in protection."
Chubb's personal excess liability policy is broader than many comparable products. In addition to covering bodily injury,
it includes coverage for personal injury claims such as libel and slander--risks that have become more prevalent in the Internet
age. Another key policy feature is reputational injury coverage, which would help pay for public relations and other expenses
to help minimize the damage a lawsuit may inflict on a customer's reputation. The policy's shadow defense coverage would help
cover the expense of hiring one's own attorney to monitor the claims process. Other coverages include identity fraud and
kidnap expenses. Employment practices liability coverage, which covers allegations of wrongful employment acts by residential
staff, is available as a policy endorsement.
Spicer highlighted the fact that defense costs do not erode the policy's limit. "This is especially important because defense
costs in a personal liability lawsuit can run into hundreds of thousands of dollars," he said.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's
global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia. Chubb is a worldwide
leader in insuring fine homes, automobiles, yachts, antiques and other collectibles, and personal liability. Additional information
on Chubb can be found at www.chubb.com/personal.
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