Agents marketing to affluent personal lines clients can now compete with larger brokers with a suite of services designed by Chubb.
The Warren, N.J.-based carrier added a new line of services to its Masterpiece protection, a 25-year-old combination of insurance and services for affluent customers, called "Signature Suite."
Mark Schussel, Chubb's public relations manager, explained that in addition to insurance, Masterpiece has provided such services as appraisals and loss control advice for homeowners. Some of these services are similarly offered through other carriers or major brokerage firms.
He noted that Chubb realized that because of their wealth, high net worth clients are exposed to more risk, both personal and property, and decided to introduce Signature Suite.
"There is more serious personal risk out there today than in the past, and for the affluent, or ultra-affluent, there can be severe repercussions if they suffer a loss, which is why we have put together a smorgasbord of personal risk services," Mr. Schussel said. "This is of interest to individual agents and brokers because many do not have access to these types of services that larger, fee-based brokers can provide. Now, they can provide these types of services through a single carrier."
Signature Suite offers:
o Personal and family security services.
o Travel safety and emergency medical services.
o Personal staff risk management services. Customers will be able to retrieve best practices and other information on managing household employees from a proprietary Web site. They may also speak to experienced employment lawyers, as well as request background investigations on cooks, nannies, drivers, yacht captains and other employees.
o Collections management tools.
Luis Granados, worldwide Signature manager, said in a statement that many affluent individuals possess extensive fine arts collections, travel to exotic destinations and maintain personal staffs.
"These activities create new personal risks and liabilities that require specialized expertise outside traditional insurance products and services," he said. "Signature Suite takes a holistic approach in helping to protect the lifestyles of high-net-worth individuals and families in an era of complex and proliferating risks."
Additional information on Chubb's personal insurance and service offerings can be found at www.chubb.com/personal.
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