Commercial Property, Liability, Crime

Nuts & Bolts: The Chubb Group of Insurance Cos. has updated its Customarq Classic property policy. Chubb’s Customarq Classic offers U.S. and Canadian commercial customers a choice of monoline property insurance protection or a package of property, general liability and crime insurance in one policy. Customarq Classic’s all-risk property policy can insure both U.S. and foreign exposures, including differences in conditions and/or limits created by policies issued in foreign countries. Impairment of computer services is a new type of insurance that addresses emerging first-party exposures presented by the Internet and customers’ increasing reliance on electronic information in their business activities. Protection includes business income loss, extra expense and electronic data recovery costs incurred by the insured due to an illegal or malicious entry into electronic data or a system that results in functions that distort, corrupt, manipulate, copy, delete, destroy or slow down the electronic data or system.

Dollars: The automatic blanket limit has been increased from $250,000 to $500,000 at no extra charge. Customers can also purchase a blanket limit of $1 million or $2 million for an additional premium, subject to underwriting. Several new property coverages have been added to the automatic blanket limit. The total number of blanket limit property coverages is now 12, including research and development property and leasehold interest, which has been expanded to include bonus payment, prepaid rents and sublease profit.

Carrier: Chubb, rated “A++.”

States Available: All except Arkansas, Hawaii, Louisiana, Nebraska, North Dakota, Texas, Virginia and Washington.

Contact: Local Chubb branch office or Paul Lewis at plewis@chubb.com.

Topics Fraud Commercial Lines Business Insurance Property