With Law Changed, Chubb Now Offers Home Invasion Coverage in N.Y.

February 12, 2008

It took a new state law but the Chubb Group of Insurance Companies has begun to offer coverage for home invasions, child abductions, car jackings and stalking threats as part of its homeowners policies sold in New York State.

The Chubb Masterpiece Family Protection policy helps defray 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.

“Unfortunately, stories about home invasion in particular appear to be spreading across both geography and demographic segments. While the U.S. Department of Justice does not track home invasion events specifically, in 2006 there were nearly 1.2 million cases of forcible or unlawful entry into U.S. residences,” said Peter Spicer, vice president, Chubb & Son, and new product manager, Chubb Personal Insurance.

Source: Chubb
www.chubb.com/personal

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