Chubb Insurance Company of Canada

Chubb Insurance Company of Canada

May 04, 2007 10:26 ET

Chubb Doubles Identity Fraud Coverage

Expenses resulting from real estate and mortgage fraud included in $50,000 Identity Fraud coverage

Attention: Assignment Editor, Business/Financial Editor TORONTO, ON--(CCNMatthews - May 4, 2007) - Chubb Insurance Company of Canada has doubled its Identity Fraud coverage limit, and expanded its coverage to include expenses resulting from real estate and mortgage fraud. Chubb increased its Identity Fraud coverage to $50,000 for reimbursement of expenses related to restoration of an individual's identity, an enhancement that will benefit virtually all Chubb clients.

"Chubb pioneered identity fraud coverage in Canada six years ago," said Paul Morrissette, Senior Vice President of Personal Insurance. "Since then, we have continued to provide our customers with the broadest protection available against identity theft losses."

Effective immediately, both enhancements are included automatically and at no extra cost for Chubb customers with Masterpiece Personal Liability and Masterpiece Family Protection policies.

Added Morrissette, "with growing publicity and concern surrounding real estate and other identity-related fraud, we wanted as many clients as possible to receive the benefit right away."

Chubb's Masterpiece Family Protection policy was designed to help customers deal with major financial expenses associated with other criminal acts. For $95-$110 per year depending on the province, Masterpiece Family Protection already provides reimbursement of expenses associated with home invasion, carjacking, child abduction, and stalking threat. At no additional cost, Chubb is now including coverage for the legal fees, investigation work and other expenses incurred in addressing mortgage or real estate fraud.

Particularly for identity-related fraud, where protecting an individual's property and finances continues to grow in complexity, Chubb advises potential customers to consult a qualified broker to determine the best insurance package for their particular needs. Chubb in fact only offers its products through a national network of brokers. The company also emphasises that its coverage addresses expenses and advises insureds seeking coverage for loss due to real estate fraud (for the amount of a fraudulent mortgage, for example) to do so through their lawyer, notary or insurance broker.

"Insurance customers of all types are best served from a price and coverage standpoint by receiving the advice of a licensed, trusted insurance advisor," points out Morrissette.

Chubb Insurance Company of Canada has offices in Toronto, Montreal, Vancouver, and Calgary and employs an exclusive network of more than 200 brokers across Canada.

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 8,000 independent agents and brokers. Chubb's global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.

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