Chubb announced Aug. 15 that it has launched its Overland Water Coverage offering to Canadian homeowner insurance clients.
This offer is an add-on coverage for Chubb Masterpiece home insurance policyholders. It complements existing water damage coverages, such as sewer back up, found in the base policy.
"We feel it's important to provide Chubb clients with the option to purchase enhanced water damage coverage to further protect their homes," said Paul Johnstone, Senior Vice President for Chubb Personal Risk Services, Canada. "As always, we want to help protect them from water damage in the first place to the extent possible, but if a loss happens, our priority is doing what it takes to help Chubb clients restore their lives and homes as quickly as possible."
Chubb clients who are eligible for this coverage have added protection from losses that result from freshwater occurrences such as overflow of natural or artificial inland waters, mudflow and collapse of land along a body of water.
The Overland Water solution covers the replacement costs of the home, but will also pay to restore clients' “unique finishes and built-in features such as custom millwork, designer appliances, and repurchase contents like TVs and home theatre systems, pool tables, and exercise equipment,” says Chubb.
If Chubb clients cannot stay in their home during rebuilding or repairs, the insurer will apply its additional living expense coverage to secure replacement accommodations during home restoration, says the company.
