Chubb will start selling construction industry-related insurance to midsize firms for the first time. Aon Benfield debuts charter flight cancellation coverage. Travelers is now offering a homeowners discount for smart home devices. W.R. Berkley company Clermont Specialty Managers launched data compromise and other cyber-related coverage.
Chubb is rolling out an expanded construction industry practice, with a goal of broadening its products and services for midsize firms.
In other words, this means products and services previously offered to large national and international construction firms will now be marketed to midsize firms in the U.S. and Canada. Admitted and nonadmitted coverage options that will be newly marketed to this segment include primary casualty, commercial umbrella liability, environmental risk, international casualty, contractors professional liability, contract surety, contractor’s equipment, inland marine and aerospace.
There will also be excess and surplus lines products including specialty casualty construction and inland marine. Pre-merger ACE and Chubb used to offer builder’s risk to midsize construction firms, and post-merger Chubb will still offer this coverage.
Additionally, Chubb plans to market tailored coverages to construction businesses including general trade, specialty, environmental and commercial renewable energy contractors, wrap-ups, general liability-only projects, construction managers, design and design/build professionals, architects and engineers, and other construction project-specific firms.
Aon Benfield recently debuted charter flight cancellation coverage.
The global reinsurance intermediary and capital advisor of Aon plc said that the coverage—dubbed Aircraft On Ground (AOG) Protect—will be marketed to the charter aircraft industry with a goal of addressing financial losses that happen when flights get canceled. Swiss Re Corporate Solutions, a division of Swiss Re, is providing insurance capacity.
Designed by Mountfitchet Risk Solutions, AOG Protect will indemnify aircraft operators for the financial loss the face when flight operators cannot use their aircraft for a contracted charter flight, which leaves the operator having to subcharter or reposition a replacement aircraft.
With the coverage, operators get an insurance payout when a flight is canceled for reasons including a mechanical breakdown, accidental damage, crew sickness and midflight diversions following mechanical fault.
The Travelers Cos. said it launched a new homeowners discount for smart home devices.
Potential devices that could qualify for the Protective Device Discount include smart smoke detectors and security systems that alert homeowners through their mobile devices.
Travelers said it has installed connected devices of various kinds at its Claim University facility to test the systems and educate its claim professionals about smart home technology. The insurer is also the exclusive insurance sponsor of the CNET Smart Home in Louisville, Ky., which will give further insights into how smart home products behave, interact and test in everyday environments.
W.R. Berkley company Clermont Specialty Managers is now offering data compromise and other cyber-related coverage for customers through Munich Re’s Hartford Steam Boiler.
The data compromise and CyberOne coverage will be offered on all new and renewal policies with an opt-off provision. For the data compromise portion, customers will get response expense and defense and liability coverage. CyberOne entails coverage for computer attacks and network security liability.
These coverages will be available for the restaurant and habitational segments this spring and summer in several states, including Connecticut, New York, Pennsylvania, Illinois, Virginia and the District of Columbia.
Sources: Chubb, Aon Benfield, Travelers, W.R. Berkley/Clermont Specialty Managers.