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CHUBB RESPONDS TO GARAMENDI ON OAKLAND CLAIMS

 CHUBB RESPONDS TO GARAMENDI ON OAKLAND CLAIMS
 WARREN, N.J., Aug. 21 /PRNewswire/ -- The Chubb Corporation


(NYSE: CB) today issued the following:
 Earlier today, California Insurance Commissioner John Garamendi held a press conference to review the current status of claims involving the October 1991 Oakland firestorm. Commissioner Garamendi indicated that the Chubb Group had resolved only five percent of its claims.
 This is simply wrong. Here are the facts.
 In a July request for information on "resolved" claims, the California Insurance Department defined "resolved" to mean "...the company and the insured have settled all disputes with respect to rebuilding cost and/or coverage." According to the Insurance Department's definition, Chubb has already resolved the overwhelming majority of its 142 policyholder claims.
 -- Out of 60 total losses to homeowners, 51 (or 85 percent) have
 been resolved;
 -- Out of 82 partial losses to homeowners, 77 (or 94 percent)
 have been resolved;
 -- Chubb is working with policyholders to resolve the remaining
 14 claims.
 -- To date, Chubb has paid more than $28 million in the
 settlement of claims.
 In addition, in the aftermath of the fire, we:
 -- Immediately brought in claim professionals from around the
 country to help claimants, and provided six months of living
 expenses on the spot.
 -- Sponsored a half-day seminar for policyholders to meet with
 contractors, city planning commission staff, underwriters,
 claim adjusters, and other experts to answer questions about
 construction, local building ordinances and coverage; and
 provided legal advice from an outside attorney at no cost to
 insureds.
 -- Extended full replacement cost to all insureds who have chosen
 to rebuild at the original location.
 For 110 years, Chubb has been providing the highest quality of service to its insureds. It remains committed to this tradition.
 -0- 8/21/92
 /CONTACT: Marylu Korkuch of Chubb, 908-580-2607/
 (CB) CO: The Chubb Corporation ST: New Jersey, California IN: INS SU:


PS -- NY059 -- 2261 08/21/92 16:23 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
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