Key product features include scalable property and general liability coverages to insure clients from the risks they are most likely to face within the industries they specialize.
PRODUCT: Chubb Benchmarq Package
BEST RATING: A++
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Chubb has introduced Benchmarq Package for companies at the lower end of the middle-market segment. Benchmarq includes expanded base coverage in both property and liability, resulting in insurance protection that is more inclusive than the typical industry package policies.
“Benchmarq helps to fill a gap in the lower middle market space that isn't typically served by either a traditional package or business owners insurance policy," says Ben Rockwell, division president, Chubb Middle Market. “Chubb's new modernized package extends our reach within the middle market and enables us to deliver the renowned insurance services and offerings we've become known for to an even broader range of clients, at a time when exposures in this space continue to emerge."
“We believe agents and brokers will benefit from the scalability, faster quoting and streamlined product design—all backed by Chubb's specialized underwriting expertise, exceptional risk engineering and claims services, and global reach," he adds.
COVERAGE DETAILS: Key product features include robust and scalable property and general liability coverages to insure clients from the risks they are most likely to face within the industries they specialize. Industries currently supported in Benchmarq include education, food, manufacturing, professional services, real estate, retail, technology, wholesale and wineries, with planned expansion into additional industries.
Benchmarq Package offers many features and benefits of both Chubb's Customarq Package and Chubb's business owners policy (Chubb BOP), including an automatic blanket limit of insurance for select property coverages that applies separately at each premises and the ability to offer business income on an actual loss sustained basis.
On the liability side, the general liability enhancement endorsement includes blanket additional insureds, primary non-contributory where required by written contract, and blanket waiver of subrogation. There is also the option to use ISO additional insured forms.
UNDERWRITING: Agents and brokers can submit business to their local underwriting contact.
TARGET: Growing clients that no longer fit a BOP. Clients in industries such as education, food, manufacturing, professional services, real estate, retail, technology, wholesale and wineries are an ideal fit.
COVERAGE TERRITORY: All 50 U.S. states. There is the option to offer a global solution for both property and general liability using the global extension which extends the features and benefits of the domestic policy for locations and exposures outside the domestic coverage territory.
COVERAGE AVAILABILITY: Available through field underwriters in 29 states: AL, AZ, CT, CO, IA, IL, IN, KY, ME, MD, MI, MN, MO, MS, NJ, NC, NH, NM, OH, OK, OR, PA, SC, TN, UT, WI, WV and WY. More states are anticipated to come on board in the next few months.
CONTACT: Michael Bruno, senior vice president, commercial insurance, package manager, Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889; 908-572-4540.
Will Jones is IA editor-in-chief.