WARREN, NJ, May 15, 2006 - Accident and health insurers continue to expand benefits offerings. In response to increasing public concern over burglaries, break-ins and child abductions, the Chubb Group of Insurance Companies is now providing group-benefits customers with the option to purchase financial protection for child abduction and home invasion.
"With FBI reports of an American victimized by burglary every 15 seconds and countless child abduction stories circulating through the media, family protection and security are very real concerns for many Americans," said James Hamilton, senior vice president, Chubb & Son, and North American manager for Chubb Accident & Health. "By enabling employees to purchase these coverages through a group program, companies can offer employees valuable financial protection at a fraction of the cost of stand-alone policies."
For just a few dollars a year, Chubb´s group-benefits customers can elect optional coverage of up to $50,000 for the medical expenses, including psychological therapy, and wages lost while recovering from the trauma associated with a household break-in or abduction of a child. The home invasion add-on can also cover the costs of temporary relocation and residential security enhancements.
"Individuals may incorrectly assume that their health and homeowners insurance policy provides comprehensive protection from these crimes," said Hamilton. "These policies provide limited, if any, protection for many of the people-related risks. A standard homeowners policy addresses only the loss or damage to property and liabilities for injury to others. Health insurance often provides limited mental health coverage."
Chubb´s new coverage options are added to its voluntary group-benefits program, which allows employees to select from a broad range of high-limit coverages to help provide financial protection for themselves and their families from accidental death, dismemberment and bodily injury. The new coverages rest on top of standard health and homeowners insurance, providing customers with an extra layer of financial protection. These voluntary group benefits are currently available in Alabama, Arkansas, the District of Columbia, Hawaii, Massachusetts, Michigan, Missouri, Montana, New Mexico, Ohio, Pennsylvania, Rhode Island and Texas.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization that provides property and casualty insurance for personal and commercial customers through 8,000 independent agents and brokers worldwide. Its global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
Chubb has more than 30 years of experience providing blanket, voluntary and special risk accident insurance products. More information on Chubb´s group-benefits products can be found at www.chubb.com/businesses/accident/chubb4688.html.