Chubb's Antiques Roadshow Attendees in Cleveland Will Insure Their Valuables, But Often Inadequately.

Business/Lifestyle Editors

CLEVELAND--(BUSINESS WIRE)--Aug. 20, 2002

The majority of attendees of the Chubb's Antiques Roadshow event this summer want to make sure their valuable items are insured, according to a survey conducted by Chubb Group of Insurance Companies, the underwriter of the top-rated PBS television show.

A survey of more than 1,200 people at the June 22 event at the Cleveland Convention Center reveals that if they discovered their antique or collectible was worth thousands of dollars, 78 percent would make sure the item was properly insured. Only 4 percent said they would not insure the item, and 18 percent were not sure what they would do.

"While we were delighted to reaffirm that most people consider insurance important in protecting their valuable assets, I'm afraid that they may not know if they have adequate coverage," said Mary Ann Avnet, a vice president of Chubb & Son and marketing manager for Chubb Personal Insurance. "Last year's survey of Roadshow attendees in six cities showed that many people do not know the limitations of their coverage. They are not aware that their insurance policy may pay to replace an antique with a new version of the same item. For example, if an antique rocking chair worth thousands of dollars is lost or damaged, it may be replaced with a new replica antique rocker worth a fraction of the cost of the antique. Furthermore, if they lose a piece of jewelry or accidentally break a rare glass vase, they may find that their policy does not cover mysterious disappearance or accidental breakage claims."

Avnet advises owners of valuable possessions to ask their insurance agents to explain the full scope of their coverage. "Just calling your agent and asking if the item is covered under the policy is not going far enough," she said. "You need to ask whether there are limitations and on what basis a claim will be paid."

This year's survey of Roadshow participants in Cleveland also revealed that 33 percent would keep their item if they learned it was worth thousands of dollars, and 47 percent would sell it. Twenty percent were not sure what they would do.

In addition, 22 percent said that compared to a year ago, they now face a greater risk of loss to their home or possessions. However, only 31 percent of those that believe they are at greater risk have increased their insurance coverage.

Antiques Roadshow, produced by WGBH Boston and featuring a series of local events at which top appraisers determine the value of America's "hidden treasures" and tell the stories behind those treasures, just completed its seventh tour across the country. Along with Cleveland, 2002 tour stops included Seattle, Hot Springs, Albuquerque, Kansas City and Charlotte, N.C.

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 5,000 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

The company is noted for its Masterpiece(R) line of personal insurance products for homes, autos, watercraft and valuable possessions, including antiques, jewelry, fine arts and other collectibles, as well as personal and excess liability protection. A Masterpiece(R) Valuable Articles Policy provides broad coverage for losses that occur anywhere in the world. Agreed value protection, for example, enables a loss to be settled for the exact amount listed for the damaged or lost item. The policy also includes coverage for breakage, newly acquired items and the full replacement of pairs and sets.

Information on Chubb can be found on the Internet at www.Chubb.com/personal. Antiques Roadshow information can be obtained at www.pbs.org/antiques, or by calling toll-free 1-888-762-3749.

SOURCE: Chubb's Antiques Roadshow