Chubb announced on Tuesday that is has enhanced its Masterpiece Equipment Breakdown insurance policy to “better protect customers against problems associated with the sudden or accidental breakdown of residential equipment.”
Available to customers with an existing Canadian Masterpiece Homeowners, Condominium or Co-operative policy, the Equipment Breakdown policy covers all residential equipment that is permanently installed to service the home and applies to all structures on the premises, including guesthouses and barns, Chubb explained in a statement.
As a supplement to the customer’s Masterpiece Homeowners policy, the expanded Equipment Breakdown policy offers broader limits starting at $50,000 and covering up to $1,000,000, with higher limits available upon request, Chubb said. New features include coverage for tearing out and repairing or replacing any part of the associated structure necessary to make the repair; removal and clean up of resulting debris or pollutants; expenses incurred to expedite repairs; spoilage of perishable goods; and excavation costs to repair underground components.
Equipment Breakdown coverage also protects customers against lost rental value if tenants are unable to remain in the home and damages to some types of business equipment that may be located in the home.
“Understandably, many of us take the equipment in our homes for granted and often we don’t notice the essential role equipment can play in our lives until things stop working,” said Paul Johnstone, senior vice president for Chubb Personal Risk Services, Canada. “Whether it’s an issue with an air conditioning compressor or the pool heater, our expanded Equipment Breakdown policy gives homeowners greater peace of mind and assurance that their systems will be restored or replaced and, ultimately lives put back to normal quickly.”
Last month, Chubb Insurance Company of Canada announced that it had expanded its Signature Suite to personal insurance customers in Canada. Signature Suite is designed to help protect and enhance affluent lifestyles by providing access to security services, travel safety experts, household risk management professionals and collections management specialists.
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. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada.