New Chubb Policy Protects Against Hidden Risks Faced By Condo Owners

Don’t get trapped in insurance gaps: Chubb Insurance Company of Canada

TORONTO, ONTARIO – April 10, 2006 – Chubb Insurance Company of Canada announced a new insurance policy today that helps protect condominium owners against common, yet often unrecognized, gaps in typical condo coverage.

Most condo owners are not aware that they may face unanticipated expenses due to limitations of their building corporation’s master insurance policy. Chubb’s Masterpiece Condominium policy provides unrivalled protection in a number of areas, most notably:

  • Additions & Alterations (A&A) – Protection equivalent to 50% of the owner’s personal property coverage for upgrades, additions or enhancements made to a condominium unit, from hardwood floors to lighting fixtures. Chubb also settles A&A losses at current replacement costs.

  • Unit Assessments – Masterpiece Condominium leads the industry in reimbursing owners for their portion of reparation costs and/or the master policy deductible to repair damage to a common area, such as a pipe bursting in a condo lobby or gym. Chubb reimburses up to $10,000 for the master policy deductible, and up to 250% of the owner’s personal property limit for damage not covered by the master policy.

“Led by explosive growth in Toronto, Vancouver, Montreal and Calgary, Canadians in record numbers are attracted to the convenience of the condominium lifestyle,” said Paul Morrissette, Senior Vice President of Personal Insurance at Chubb. “But it’s also important that they understand the added risks of ownership, particularly for luxury condos. Masterpiece Condominium marries the convenience of condos with the extensive protection customers have come to expect from Chubb.”

Masterpiece Condominium also features extensive coverage for business property, additional living expenses, landscaping and – an area of particular expertise for Chubb – valuables such as jewellery, furs and collectibles.

About Chubb Insurance Company of Canada

Chubb Insurance Company of Canada has offices in Toronto, Montreal, Vancouver, and Calgary and employs an exclusive network of more than 200 brokers across Canada. 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 8,000 independent agents and brokers. Chubb’s global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia. For more information, Chubb Insurance Company of Canada and Chubb US.