Transcript Group Personal Excess Liability

Think LEADERSHIP.
Think EXPERIENCE.
Think STRENGTH.
Think CHUBB.
DISCLAIMER
This presentation is for informational purposes only and
does not modify any Chubb policy. Actual coverage is subject
to the language of the policies as issued. Chubb refers to
Chubb Insurance Company of Canada
Chubb Event Liability Coverage
The perfect solution for organizations
that want to insure dedicated
coverage for their special events,
while insulating corporate policies
from unexpected loss development
Agenda
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Product Overview
How does the coverage work?
Required Information
Target Market
Selling Features
FAQ
Questions
Event Liability Insurance
• Stand alone liability product
• Sold on an event by event basis to parties involved in special events
• Up to $5,000,000 limits of liability per occurrence and $10,000,000
general aggregate
• Excess event liability coverage also available
• Minimum premium - $1,000
How does the Coverage Work?
• Coverage written on Chubb’s MasterKey liability contract
• Effective dates of coverage tailored to meet the dates of the event
including set up and tear down where required
• Designated premise/project endorsement used to define event
• Optional Employers Liability and Non-owned Auto coverages available
• Brief application must be completed prior to binding
Required Information
• Completed Chubb Special Events Liability Application
• Copies of contracts between the applicant and third party
contractors, for example:
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Venues,
Staging/lighting/sound contractors,
Caterers,
Entertainers,
Group transit providers, etc.
• Confirmation of coverage via certificate of insurance from third party
contractors
Target Events
• Conferences
• Trade Shows
• Corporate Events
• Concerts and Festivals
• Live Entertainment (theatrical performances, award shows, fashion
shows, etc.)
• Organizations that host an event that is not typical for their
operations and are seeking independent limits and coverage
Selling Features
• Dedicated limits for special event independent of corporate coverage
• Broad Coverage
– Defense costs are outside the limits of insurance
– Waiver of Subrogation language built in to wording
• Lessors of equipment and premises automatically included as
insureds
• Employees, including volunteers, are automatically included as
insureds
Selling Features cont…
• Coverage available on a Worldwide basis
• Flexible deductible and limit options available
• Entertainment underwriters familiar with use of stunts and effects,
animals, and aircraft/watercraft.
• Competitive pricing
Frequently Asked Questions
• Who buys this type of insurance?
– Typical insureds include promoters, organizers, sponsors, suppliers,
or any other person who might be responsible for liability arising out
of a declared event.
• Isn’t this coverage included in my corporate liability policy?
– In many cases this coverage could be included in a corporate general
liability policy, however; depending on the insurer there may be
specific exclusions or stipulations put in place. Furthermore, we have
found that many companies prefer to isolate event exposures and
possible losses from their annual corporate programs.
Frequently Asked Questions cont…
• How do I avoid double coverage and paying twice for the
same event?
– By customizing the effective dates of the policy and using a
designated premise/project endorsement we are able to precisely
capture the event operations of the insured. In cases where the
corporate GL policy is also written with Chubb we can fully ensure
seamless integration of the two policies.
• Is coverage included for participants in athletic events?
– Coverage is not included for bodily injury to any person while
practicing for or participating in any contest or exhibition of an
athletic or sports nature.
Loss Examples
• Music Festival stage collapse
• Small community event
• Questions?
Chubb Group Personal Excess Liability Coverage
The perfect solution for organizations
that want to incorporate high-value
benefits at a low cost into an
executive benefits portfolio
Agenda
•
•
•
•
•
•
•
•
Product Overview
How does the coverage work?
Underlying Requirements
Required Information
Target Market
Selling Features
FAQ
Questions
Group Personal Insurance
• Personal excess liability product
• Sold on a group basis through a sponsoring organization
• Limit of liability applies separately to each individual participant on
an each occurrence basis
• No annual aggregate
• Additional protection for high net worth individuals
How does the Coverage Work?
• A "group" consists of 25 or more individuals
• The Sponsoring Organization will set the parameters of the defined
group (e.g. all partners at a designated law firm)
• $5M limit of liability per occurrence, $250 premium per participant
• Brief application must be completed prior to binding
• Additions and deletions of participants will be provided and premium
adjusted at the end of the policy term
• Chubb will issue one master policy to the sponsoring organization.
• Underlying insurance requirements exist
Underlying Requirements
Coverage
Amount
Personal Liability (Homeowners) for bodily injury and property
damage
Min. of $100,000 per occurrence
Registered (including motorcycles and motor homes) and
unregistered vehicles
Min. of $1M - $1M bodily injury and $1M
property damage; or $1M single limit per
occurrence
Uninsured and underinsured motorist protection (O.E.F. No.44)
Min. of $1M per occurrence
Watercraft less than 8 meters (26 feet) and 50 engine rated
horsepower or less for bodily injury and property damage
Min. of $100,000 per occurrence
Watercraft 8 meters (26 feet) or longer or more than 50 engine
rated horsepower for bodily injury and property damage
Min. of $500,000 per occurrence
Required Information
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The name and mailing address of the sponsoring organization
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The criteria used to determine the employee eligibility of the defined group
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The number of participants in the defined group (Please note that in the
event of binding a list of participants and their corresponding addresses will
be required)
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A breakdown between Canadian and US employees
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For existing group personal excess programs, the prior loss history is required
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Requested Effective Date
Target Markets
• Privately held companies
• Public corporations
• Partnerships (such as law firms)
• Financial services
• Family-owned business
• Organizations that want to incorporate high-value benefits at a low
cost into an executive benefits portfolio
Selling Features
• Additional limits of liability
• Coverage applies on a Worldwide basis
• Broad Coverage
– Limits apply to each individual group member on an occurrence basis; no
annual aggregate
– Defense costs are outside the limits of insurance
• Automatic coverage for all who meet the criteria used to establish
the defined group added during the policy term
• Worldwide automobile rental. Excess liability coverage affords you
with automobile rental coverage, worldwide, for up to 30 days.
Selling Features cont…
• Competitive pricing
• $5M uninsured/underinsured motorist protection
• Ease of administration. One effective date, one premium payment,
and hard copy master policy for the sponsoring organization.
• Product is an important addition to a comprehensive benefits program
for an organization’s key employees
Frequently Asked Questions
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Who is covered within the group policy?
– The term “covered person” includes the person shown on the participant list and that
person’s spouse, any relative, or any other person under 25 who is in the insured’s or
the relative’s custody, all of whom are residents of the same household.
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How does the automatic coverage feature work?
– Coverage is automatic for all individuals who meet the criteria used to establish the
defined group in a mandatory participation program. For example, assuming the
defined group is “all partners”, and the limit is $5M, the policy would extend to each
partner up to $5M, effective on the day each individual becomes a partner until the
policy expiration.
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Does a group member have personal excess liability coverage for a rental home
that is leased for income?
– The group policy will provide excess liability coverage if a rental property is covered by
the participant’s personal liability policy and meets the definition of “incidental
business property” under the group policy.
Frequently Asked Questions cont…
• Is coverage included for a director or officer?
– Coverage is included for personal injury or property damage arising
from activities as a non-compensated director or officer of a not-forprofit organization.
• Are professional and business activities included?
– Professional activities are not included in the coverage, but
incidental business/farming activities and property are covered by
the group liability policy from Chubb, subject to the limitations
stated in the policy under “business pursuits”. Please contact your
Chubb Underwriter if you are interested in obtaining coverage for
professional activities.
Loss Examples
• Cabin accident
• Pedestrian auto collision
• Questions?
Think EXPERIENCE. Think Chubb