Chubb Offers Affordable Contents Insurance to Renters to Meet Growing Need
WARREN, NJ, October 28, 2009 - In an effort to reach an expanding renters market that has been traditionally underserved by insurance companies, the Chubb
Group of Insurance Companies is offering a personal contents policy that costs as little as $6.90 a month.
The policies will be sold through employee, association and affinity group benefit programs. Renters can buy limits of $5,000,
$10,000, $15,000 or $20,000 for fire, theft and other direct physical loss with a deductible of $100. The policy does not
provide liability coverage.
With home foreclosures rising in the past year amid the nation's economic turmoil, more families are looking to rental properties.
According to a recent survey commissioned by the National Apartment Association, 71 percent of Americans cite a preference
to rent instead of buying a home.
"The renters market has been traditionally underserved by the insurance industry," said James R. Hamilton, senior vice president,
Chubb & Son. "In the past, they may have had to buy liability insurance with contents insurance, making it more costly. Chubb's
coverage is an affordable alternative for those renters who need the financial protection against loss of their possession
but may not need the liability insurance."
The personal contents policy will be distributed by Ternian Insurance Group LLC, a niche insurance program manager and national
marketing agency. Ternian will market the product to employees and members of affinity groups. With Ternian's DirectWeb administration,
individuals can quickly bind coverage online, and the direct-billed platform eliminates the hassles of payroll deductions
for sponsoring organizations.
"We are excited about adding this innovative product offering to our existing voluntary benefits portfolio and are pleased
to be working with a financially strong and internationally respected insurance group like Chubb," said Ben Rozum, Ternian
president. "Chubb has a history of offering quality products and an unmatched brand reputation that we hope to expand upon
in the voluntary benefits marketplace."
Ternian Insurance Group, based in Phoenix, AZ, specializes in the product development and distribution channel management
of value-driven direct voluntary benefits. For more information, go to www.ternian.com.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's
global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia. Chubb is a worldwide
leader in insuring homes, automobiles, yachts, antiques and other collectibles, and personal liability. Additional information
on Chubb can be found at www.chubb.com/businesses/accident/chubb4688.html.
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