Chubb Introduces Broad Flood Insurance Coverage in Texas
Products Available in 27 States and DC
WARREN, NJ, August 14, 2007 - The Chubb Group of Insurance Companies has introduced its admitted excess flood insurance policy in Texas.
In total, Chubb has introduced its flood insurance products in 27 states and the District of Columbia as part of a nationwide
rollout. Other launches of Chubb's primary and/or excess flood products occurred in California, Connecticut, Florida, Illinois,
Massachusetts, New Jersey, New York, North Carolina, Oklahoma, South Carolina, Virginia and Washington.
"We now are able to offer a large number of our homeowners customers the strong financial protection they need from flood-related
exposures," said Peter Spicer, vice president, Chubb & Son, and new product manager, Chubb Personal Insurance.
In April 2006, Chubb announced that it was writing a first-dollar, primary flood insurance policy. It provides substantially
higher limits ($15 million for home and contents combined) and much broader coverage than the National Flood Insurance Program
(NFIP).
Chubb also offers an admitted excess flood policy in many states. Unlike industry alternatives, Chubb's excess flood policy
does not follow the contract language of the NFIP policy to determine coverage. Instead, it provides a broader definition
of the flood peril, replacement cost valuation for building and contents (versus depreciated value) and coverage for additional
living expenses.
Other jurisdictions in which Chubb's flood products are available include Arizona, Colorado, Delaware, Idaho, Indiana, Maine,
Maryland, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, Rhode Island and Utah.
Admitted insurance policies are subject to state regulation. Prior to introducing its new primary and excess flood policies,
Chubb only provided excess flood coverage to homeowners customers on a non-admitted basis.
Chubb-appointed agents and brokers can access the new flood insurance products through WNC First Insurance Services (www.wncfirst.com). The South Pasadena, CA-based enterprise has more than 30 years of experience managing retail and wholesale flood insurance
programs.
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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