In a release issued yesterday, P&C insurer
Chubb announced that it has enhanced its Masterpiece Equipment Breakdown insurance policy so it affords customers better protection against the various issues associated with the sudden or accidental breakdown of residential equipment.
By default, the equipment breakdown policy covers all residential equipment that is permanently installed to service the home and applies to all structures on the premises, such as guesthouses and barns.
Learn more about home equipment breakdown insurance here.
In addition, it now offers broader limits starting at $50,000 and covering up to $1,000,000; higher limits are also available upon request. Other new features of the expanded policy 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,” a release said.
Chubb’s equipment breakdown coverage now also covers for lost rental value if tenants are unable to remain in the home, and damages to certain types of business equipment located in the premises.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
“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 Chubb Personal Risk Services – Canada senior vice-president Paul Johnstone. “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.”
The expanded policy is available to customers with an existing Canadian Masterpiece Homeowners, Condominium or Co-operative policy.
Related stories:
Chubb announces passing of John R. Cox
The most valuable brand in insurance revealed
.jpg)
