Michael Chang to lead real estate & hospitality practice offering a full range of products & services, high limits
Philadelphia, PA (Feb. 6, 2016) – Chubb has announced it has enhanced its dedicated Real Estate & Hospitality industry practice by offering a broader suite of insurance coverages and significantly expanded capacity for U.S. and Canadian real estate owners and managers and hospitality-related companies.
Michael Chang, Executive Vice President, Chubb Real Estate & Hospitality, will lead the practice’s team of experienced real estate underwriters, risk engineers and service specialists. The Real Estate & Hospitality Practice, which will be part of Chubb North America’s Major Accounts Division, will continue to offer Primary Casualty and Property (shared and layered and ground up) coverages. New coverage options include:
- Foreign Casualty
- Excess Casualty
- Builder’s Risk
- Errors & Omissions
- Directors & Officers
- Fiduciary Liability
- Employee Practices Liability
- Privacy & Network Security
- Commercial Crime
- Kidnap/Ransom Extortion
- Accident & Health
- Transactional Risk: Representations & Warranties
- OCIP/Maintenance Wraps
The practice can now provide expanded capacity by offering shared and layered and ground up property programs with limits up to $650 million and critical catastrophe limits up to $50 million. Excess Casualty and Environmental limits are offered up to $50 million and limits of $25 million for professional coverages.
Real estate and hospitality customers also will have access to customized risk engineering services, including infrared testing of electrical equipment and panels; ergonomics and manual materials handling consultations; slip-and-fall evaluations; fire protection evaluations; and employee chemical handling issues.
“The trends and variables that affect the commercial real estate and hospitality industries are continuously changing and evolving – this can leave property owners and hospitality companies susceptible to critical exposures. Thanks to the united capabilities of our two legacy insurance organizations, we are able to more fully leverage key lines of business, deploy more comprehensive underwriting expertise, and provide greater engineering and claims management services to offer a wider range of coverage options that can mitigate critical risks in these industries,” said Chris Maleno, President, Chubb Major Accounts Division, which serves the large corporate and institutional market domiciled in the U.S. and Canada, including their worldwide exposures.
Mr. Chang added, “Our real estate and hospitality customers are increasingly looking for customized coverages to fit their unique and evolving needs. Our combined product offerings, increased capacity, superior knowledge and continued quality service will propel our industry practice to the next level and offer our customers in these markets more creative and innovative coverage solutions to help mitigate today’s risk.”
The Real Estate & Hospitality Industry Practice will be distributed through Chubb’s eight North American regions and will have a presence in 48 branch offices. Tailored coverages will be offered to the following real estate-related businesses: building owners; commercial property managers; financial institutions RE programs; fund managers/fiduciaries (REIF); global service firms; parking operators; portfolio programs; real estate investment trusts (REIT); residential property managers; and senior living facilities. In addition, tailored coverages will be offered to the following hospitality-related businesses: hotel brands, operators and owners; luxury resorts; recreational vehicle parks and campsites; rooming and boarding houses; bowling centers; casinos; race tracks; marinas; fitness facilities; golf courses; travel agencies/tour operators; and venues.
All products may not be available in all states. Surplus lines products are available only through licensed surplus lines producers.
The Real Estate & Hospitality Practice is one of several Chubb industry-specific practices, including Broadcasters, Clean Tech, Construction, Educational Institutions, Energy, Entertainment, Financial Institutions, Government Contractors, Healthcare, Law Firms, Information & Network Technology, Life Sciences, Manufacturing, Museum & Cultural Institutions, Non-Profits, Private Equity, and Wineries.
Mr. Chang will be based in New York and will report to Mr. Maleno. With more than 19 years of insurance industry experience, Mr. Chang launched and has led the legacy Chubb’s Global Real Estate Unit since 2005. He began his career in 1996 at Chubb, where he has served in various leadership roles. Mr. Chang holds a Bachelor of Science degree in Economics from the University of Pennsylvania.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE:CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: new.chubb.com.