SOURCE: Chubb Group of Insurance Companies

Chubb Group of Insurance Companies

August 06, 2009 12:51 ET

New Insurance Option Helps Pay Student Expenses in Case of Emergency School Closing

WARREN, NJ--(Marketwire - August 6, 2009) - When Hurricane Katrina devastated the Gulf Coast in August 2005, Tulane University in New Orleans was forced to close for four months. Many students and their parents were also forced to make costly, last-minute plans for the fall semester.

Now, homeowners can obtain insurance through the Chubb Group of Insurance Companies that will help reimburse them for up to $250,000 in additional expenses if a student is displaced by a school-administered closing caused by a hurricane, flood, fire or another covered event. The insurance applies to students living in school-administered housing at college, preparatory and private primary and secondary boarding schools.

Chubb's Masterpiece® student additional living expense option can reimburse policyholders for lost tuition or additional tuition expense if the student must transfer to another school. It also can cover additional room and board expenses, lost financial aid, enrollment and student activity fees, and transportation to return home.

Nearly half of Americans would be very concerned about the additional costs should a catastrophic event close their child's school, according to a nationwide survey of 1,000 people sponsored by Chubb.

"Any parent who sends their child away to school has enough to be concerned about without worrying about how to pay for expenses that can arise from a school closure," said Christie Alderman, new products and services manager for Chubb Personal Insurance. "They shouldn't have to worry about how to get their child home when a hurricane is threatening or about getting a refund if the school can't operate, but clearly people do worry about threats that could affect the huge financial investment they make in education. Chubb's student additional living expense option was created with this very real risk in mind."

The student additional living expense option is now available in Colorado and Connecticut, beginning a nationwide roll-out. Coverage limits range from $5,000 to $250,000.

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 fine homes, automobiles, yachts, antiques and other collectibles, and personal liability. Additional information on Chubb can be found at www.chubb.com/personal.

Contact Information