The Chubb Group of Insurance Companies has begun to offer Masterpiece® Family ProtectionSM to its homeowners policyholders in New York. Family Protection can help defray a broad range of expenses if a policyholder or covered relative is the victim of a covered home invasion, child abduction, car jacking or stalking threat that occurs almost anywhere in the world. Launched in several states in June 2001, Chubb was unable to offer the product in New York until a law was passed to recognize this unique form of insurance. Legislation sponsored by Assemblyman Michael Cusick (D-Staten Island) and Senator James Seward (R-Oneonta) amended the state Insurance Law's definition of burglary and theft insurance, thereby giving New Yorkers access to these coverages. Now available in 44 states and the District of Columbia, the insurance reimburses the policyholder up to specified limits for various expenses, including lost wages, fees for medical and psychiatric services, professional security consultants and security guards, and the cost of recuperation, improving household security and temporarily relocating one's residence. Masterpiece Family Protection covers the policyholder, his or her spouse and dependent children. Under certain circumstances, other relatives, household guests and unrelated passengers in a policyholder's vehicle are also covered for one or more of the insured perils. Depending on the type and severity of covered loss, the policy provides up to $300,000 in coverage. The product costs $110 a year in New York.
Tuesday, February 12, 2008
Chubb Offering N.Y. Home Protection Policy
The Chubb Group of Insurance Companies has begun to offer Masterpiece® Family ProtectionSM to its homeowners policyholders in New York. Family Protection can help defray a broad range of expenses if a policyholder or covered relative is the victim of a covered home invasion, child abduction, car jacking or stalking threat that occurs almost anywhere in the world. Launched in several states in June 2001, Chubb was unable to offer the product in New York until a law was passed to recognize this unique form of insurance. Legislation sponsored by Assemblyman Michael Cusick (D-Staten Island) and Senator James Seward (R-Oneonta) amended the state Insurance Law's definition of burglary and theft insurance, thereby giving New Yorkers access to these coverages. Now available in 44 states and the District of Columbia, the insurance reimburses the policyholder up to specified limits for various expenses, including lost wages, fees for medical and psychiatric services, professional security consultants and security guards, and the cost of recuperation, improving household security and temporarily relocating one's residence. Masterpiece Family Protection covers the policyholder, his or her spouse and dependent children. Under certain circumstances, other relatives, household guests and unrelated passengers in a policyholder's vehicle are also covered for one or more of the insured perils. Depending on the type and severity of covered loss, the policy provides up to $300,000 in coverage. The product costs $110 a year in New York.
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