The Chubb Group announced that it has opened a new office in Melbourne, Australia, “to further support the growing demand for political risk insurance in the Asia/Pacific region.”
The office is the third specializing in political risk that Chubb has opened, joining those in Warren New Jersey which serves the North American market, and the London office which handles Europe.
“Our new Asia/Pacific zone office, staffed by seasoned political risk professionals who are knowledgeable about the business risks in that region, demonstrates Chubb’s commitment to offer quality political risk protection in a time of great political instability and uncertainty in the insurance markets,” stated Pat Skold, Sr. VP and worldwide underwriting manager for political risk.
Chubb indicated that its political risk products include coverage of “confiscation, expropriation, nationalization and deprivation (CEND) with a capacity of up to $75 million and contract frustration and wrongful calling of guarantee, each of which has a capacity of up to $37.5 million.” The CEND policies are designed to protect companies “against the financial loss of an investment due to acts of government such as confiscation or deprivation of assets or similar actions.
“The announcement explained that “Chubb’s capacity also applies to CEND insurance options including political violence, currency inconvertibility and cross-border war. Contract frustration provides coverage for export or import transactions. Wrongful calling of guarantee indemnifies a company for the value of its bid bonds, performance bonds, prepayment bonds and retention bonds posted in support of contracts entered into in foreign markets.”
Was this article valuable?
Here are more articles you may enjoy.