View this article online: https://www.insurancejournal.com/news/national/2003/09/24/32524.htm
The Chubb Group of Insurance Companies is offering Masterpiece® Family ProtectionSM to its homeowners policyholders in California, Kansas, Michigan, Ohio, Oklahoma and Tennessee as it continues a nationwide product roll-out. Family Protection coverage can help defray a broad range of expenses if the policyholder or a covered relative is the victim of a covered home invasion, child abduction, car jacking or stalking threat that occurs almost anywhere in the world.
“We continue to be encouraged by the interest in this product. Already, more than 15,000 Chubb customers have purchased Masterpiece Family Protection,” said Peter Spicer, assistant vice president of Chubb & Son and new product manager for Chubb Personal Insurance. Previously, the product was introduced in eight other states, including Colorado, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Jersey and Pennsylvania, as well as the United Kingdom.
The insurance reimburses the policyholder up to specified limits for various expenses, including fees for medical and psychiatric services, reimbursement for lost wages, fees for professional security consultants and security guards, and the cost of recuperation, improving household security and temporarily relocating one’s residence. The policy also provides a reward for information leading to the arrest and conviction of the responsible party. Covered relatives include one’s spouse, children, grandchildren, parents, grandparents, siblings and their children. Depending on the type and severity of covered loss, the policy provides up to $300,000 in coverage.
An accidental death and dismemberment benefit up to $250,000 applies in all states except Colorado and New Jersey. Car jacking coverage is not available in Florida. The policy costs between $70 and $135 per year based on the specific coverage and geographic area.
“The policy provides peace of mind to policyholders,” Spicer said. “Family Protection can help policyholders concentrate on getting their lives back together if they or a family member are crime victims, rather than worrying about financial details.”
According to the U.S. Department of Justice, nearly 1.3 million cases of forcible or unlawful entry of residences, 1.4 million stalkings, 50,000 car jackings and 58,000 non-family-related child abductions occur each year.
A nationwide survey of more than 300 people conducted by Impulse Research of Los Angeles concludes that families feel that home invasion, child abduction, car jacking and stalking represent considerable threats. Nearly two-thirds of Americans (62 percent) worry that their child may be abducted, 58 percent are concerned about car jacking and 46 percent fear that they may be stalked. In addition to the emotional issues, 78 percent of those surveyed said the expenses associated with being a victim of one of these crimes could seriously affect their finances.