PRODUCT: Chubb Small Commercial Insurance for the Food Services Industry

COMPANIES: Chubb

BEST RATING: A++ (Superior)

AVAILABILITY: Coverage is available through Chubb-appointed agents and brokers.

FOCUS: With more than 1 million food service establishments in the United States, mostly with fewer than 50 employees, according to the National Restaurant Association, Chubb created a tailored insurance product to fit their unique insurance needs, says Carmen Chan, vice president, segment manager, Chubb Small Commercial. 

Chubb Small Commercial Insurance has always provided insurance offerings for specific types of businesses in the food services industry. But now, with over 25 different classes in the food services segment, Chubb Small Commercial Insurance has expanded its appetite to include casual dining, caterers, fast food, fine dining, food trucks and more.

“Chubb Small Commercial Insurance for the food services industry leverages superior underwriting expertise with world renowned claims, account services and financial strength,” Chan says. “It’s what sets us apart from our competition.”

COVERAGE DETAILS: Chubb Small Commercial Insurance’s business owners policy now includes two new industry specific endorsements: business owners property enhancement and business owners general liability enhancement.

Enhancements contain specific coverages for the food services industry such as:

• Physical loss or damage to perishable property resulting from a change in a controlled environment
• Financial losses caused by damage to accounts receivable records
• Costs associated with an advisory, notice, order or other communication issued by a governmental, health or water authority
• Cost of recharging fire extinguishers after they have been used on-premises
• Food contamination expenses, such as replacing contaminated food, required equipment cleaning, loss of income and advertising costs to restore reputation
• Damages from the failure to deliver items
• Expenses incurred by a customer whose prearranged accommodations could not be honored due to a covered event
• Loss or damage of a fragile item, such as glassware, statuary, marbles, chinaware and porcelains

UNDERWRITING: Agents can quote and issue Chubb Small Commercial Insurance for the Food Services Industry on the Chubb Marketplace. Signed applications are usually not required.

MINIMUM PREMIUM: $250

TARGET: The product is specifically designed for restaurant owners and food service professionals with up to $30 million in revenue. Preferred risks are small businesses that have been established for three years or more with a favorable loss experience.

COVERAGE AVAILABILITY: U.S.

COVERAGE TERRITORY: Chubb BOP for the food services industry is available in all states except AK, CA, FL, HI, IA, LA, MN, NY, OR, TX, UT, VA and WA. 

CONTACT: Carmen Chan, vice president, segment manager, Chubb Small Commercial; Chubb, 202 Halls Mill Rd, Whitehouse Station, NJ 08889; 908-572-2566

Will Jones is IA senior editor.