Chubb expands program for affluent customers with new coverages, limits

Chubb Insurance has expanded the optional coverages available through its personal lines Masterpiece program designed  for affluent customers in Canada.

The company has added new coverages for jewellery and fine art on loan or consignment. It has also expanded works in progress coverage to include jewellery items, with limits up to $100,000 for supplies, labour and non-recoverable deposits.

Blanket limits also have been increased to $50,000 per item for jewellery, fine arts, stamps, coins and collectibles and $5,000 per bottle for wine.

In what it says is a response to rising condominium and homeowner association deductibles, Chubb has increased the coverage for unit assessments to $25,000 in all provinces, with the option to buy limits up to $100,000.

Chubb also has increased its maximum total for superior protection credits to 15% for highly protected homes. Customers with permanently installed, electrical power backup generators that service heat, lighting, alarm and sprinkler systems now can earn a 5% credit.

Credits also apply to centrally-monitored fire and burglar alarm systems with 24-hour signal continuity protection; full-time, live-in caretakers such as a nanny; and temperature monitoring systems.